Nala Secures $40M Funding, Plans Global Expansion
Nailed it! Benjamin Fernandes✨ Nala secured US$40,000,000 in a crazy growth funding round.
Nala, a fintech company based in London, UK, has recently secured $40M in funding. The funding round was led by Lauren Kolodny of Acrew Capital, with participation from DST Global, Amplo, Norrsken22, HOF Capital, Ryan King, and Vlad Tenev. The company plans to utilize the funds to expand its consumer business beyond Africa and to develop services for the global migrant diaspora. In addition, Nala aims to build Rafiki, a new B2B payments platform.
Under the leadership of CEO Benjamin Fernandes, CTO Nicolas Esteves, and COO Nicolai Eddy, Nala offers a consumer money transfer app that allows users to make secure and reliable payments from Europe, the UK, and the US to 11 African countries in just seconds.
Rafiki, the company's B2B platform, enables fast payments to individuals and businesses across the African continent. Despite facing challenges in the fintech industry, Nala has achieved significant milestones in the past year.
Over the last 12 months, Nala has experienced a 10x increase in revenue, reaching profitability and positive cash flow. The company has also seen a remarkable 34x surge in transaction volume over the past 20 months and has expanded its team from 7 members to over 100. Currently serving 500,000 customers, Nala is poised for further growth and success in the financial technology sector.
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