NALA secures $40m to pioneer payment solutions for Africa’s booming population

NALA secures $40m to pioneer payment solutions for Africa's booming population

NALA, an emerging leader in the global payment scene, has recently announced a significant funding boost of $40m.

The company, known for its innovative approach to payments, aims to revolutionize the way money moves across borders, especially targeting the needs of the burgeoning African continent and other emerging markets.

The investment was led by a group of visionary investors who believe in NALA’s potential to scale its operations beyond Africa. The company’s recent funding round is pivotal in advancing its mission to cater to the global migrant diaspora and establish a robust B2B payments platform named Rafiki. Rafiki is designed to enhance payment reliability, reduce costs for users, and streamline financial transactions, mirroring the successes of companies like dLocal in Latin America and AirWallex in Asia.

At its core, NALA strives to address the significant challenges of payment systems in Africa, which are often plagued by inefficiencies and high costs. The company’s solutions focus on providing a seamless and cost-effective way for individuals and businesses to transact across borders.

The new funds will be strategically used to expand NALA’s consumer business and to further develop Rafiki. This expansion is not just about broadening the service offerings but is a critical step towards laying down the payment rails for what NALA believes will be the next billion users in the global financial system.

Over the past year, NALA has achieved impressive milestones including a tenfold increase in revenue and a 34x growth in transaction volume. The company has also reached profitability and cash flow positivity, a testament to its effective business model and operational excellence. The team, expanding from 7 to nearly 100 members, now serves close to half a million customers worldwide.

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