July 09, 2024
Nala, a fintech startup based in Tanzania, has recently raised $40 million in a Series A funding round. The funding will be used to strengthen its B2B payment platform, Rafiki. The round, which was oversubscribed, was spearheaded by Acrew Capital, a venture capital firm based in San Francisco, and saw participation from DST Global, Norrsken22, and HOF Capital.
Project | Latest Raise | Latest Raise Date | Stage | Lead Investor | Category |
|---|---|---|---|---|---|
Nala | $40M | July 09, 2024 | Series A | Acrew Capital | FinTech |
The round also included contributions from existing investors Amplo and NYCA Partners, as well as angel investors Ryan King, co-founder of Chime, and Vlad Tenev, co-founder of Robinhood. The raised capital will be directed towards the development of the B2B platform and to fuel Nala's expansion plans.
The decision to incorporate Rafiki was driven by users' desire for greater control over their funds, according to Nala's CEO, Benjamin Fernandes. The additional funding will also support Nala's growth initiatives.
Fernandes stated that the newly acquired funds will be reinvested to improve their infrastructure and guarantee affordable, dependable payments for everyone. With the introduction of their own payment system and the growth of their B2B platform Rafiki, they are actively constructing the change they speak of, not just discussing it.
About Nala
NALA is a global money transfer app enabling individuals and businesses to send funds from the UK, US, and EU to countries like Tanzania, Kenya, Nigeria, Uganda, Ghana, Rwanda, Cameroon, Côte d’Ivoire, and Senegal. The app ensures fast, secure, and cost-effective transfers, while also allowing users to manage their finances in real time.
Website: https://www.nala.com/
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About Investor
Investor: Acrew Capital
Acrew Capital is a venture capital firm that is committed to investing in transformative companies and diversifying the cap tables of leading growth companies. The firm is based in San Francisco and is founded on a set of core values that guide everything they do.
Acrew Capital believes in the power of diverse perspectives to drive the best outcomes. They have intentionally built their team with diversity in mind — their founding team spans three generations, 78% of them are women or PoC, and over half are immigrants or 1st generation immigrants. They also have a community of nearly 500 diverse leaders across industries & function areas who actively support their companies.
Location: Palo Alto, California
Website: https://www.acrewcapital.com/
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