NALA, a global stablecoin payments infrastructure company connecting emerging markets across Africa and Asia, has secured a credit facility of up to $50m from Liquidity, the AI-driven private credit and technology provider, via Mars Growth Capital, a joint venture between Liquidity and MUFG Bank Ltd.
The arrangement begins with an initial $25m facility, with an option to scale to at least $50m. The capital will provide working capital to fund NALA’s continued international growth, product development and operational scaling as it builds out its stablecoin-powered neobank infrastructure.
The company retains more than 50% of the capital raised in its 2024 $40m equity round, meaning the new debt financing can be deployed to accelerate expansion and broaden payment corridors without diluting existing shareholders.
NALA connects emerging markets through two products: a consumer-facing app and Rafiki, its B2B payments infrastructure API. Together, these provide connectivity to more than 249 banks and 26 mobile money services across 16 countries, spanning Africa and Asia.
NALA founder and CEO Benjamin Fernandes said, ““The financing from Liquidity validates our vision of building the definitive stablecoin payments infrastructure for the long term.
“At some point our business was more than doubling every other quarter, we grew faster than we could handle pre-funding for single direction payments and everything broke. Liquidity came in quickly and were highly flexible, so their tailored capital is a lifeline for us. It provides the cash required for NALA to pre-fund customer accounts and unlock our next phase of growth.”
Liquidity global head of investments Paul Brodie said, “Our team structured a facility that accounts for NALA’s compliant stablecoin rails, real-time cross-border payments and rapid growth in emerging market corridors. We conducted extensive bottom-up due diligence on NALA, stress-testing the model across a range of scenarios and created a bespoke, highly scalable facility that matches the sophistication of NALA’s operations.’’
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