Tanzanian fintech startup NALA has raised US$10 million in funding as it plans aggressive expansion across Africa in 2022.
A past winner of the Ecobank Fintech Challenge and Seedstars Tanzania, NALA has developed an app that allows users to make payments from the United Kingdom (UK) to Tanzania, Kenya, Uganda, Rwanda, and Ghana. The startup is also piloting a service for businesses.
The US$10 million funding was secured from Amplo, Accel, and Bessemer Partners, with participation from angels including the founders of Monzo, Robinhood, Alloy and Deel. and Peeyush Ranjan, the head of Google Payments. NALA will be launching a crowdfunding campaign this year where their first users will get to own shares in NALA.
Using the funding, the startup plans to be active in 12 African countries by the end of the year, including Nigeria, while it is also targeting launches in the United States (US) and the European Economic Area in Q1.
“Payments in Africa are one per cent built. It’s 2022 and Africa’s still the most expensive place in the world to send money in and out of. Until this changes we are limited by the opportunities of trade across the continent. Over the next fiivee years, while logistics gets better, more places around the world are going to trade in and out of Africa, we are positioning ourselves to be at the forefront of this change,” said NALA CEO Benjamin Fernandes.