NALA, a Tanzanian fintech startup, raises $10 million funding to expand continentally

NALA, a fintech startup in Tanzania, has raised US$10 Million in funding. It plans to expand its operations across Africa by 2022.

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NALA is a past winner of the Ecobank Finance Challenge, Seedstars Tanzania. The app allows users to send payments from the United Kingdom to Tanzania, Kenya and Uganda. A service for businesses is also being piloted by the startup.

Amplo, Accel and Bessemer Partners provided funding. Angels, including founders of Monzo and Robinhood, Alloy, and Deel, also participated in the financing. Peeyush Ranjan (head of Google Payments). NALA will launch a crowdfunding campaign where the first users will have the opportunity to purchase shares in NALA.

The funding will allow the startup to become active in 12 African countries, including Nigeria by the end. It also plans to launch in the United States (US), and the European Economic Area in Quarter 1.

“Payments in Africa are only one percent built. It’s 2022, and Africa is still the most expensive country in the world to send money. We are restricted by trade opportunities across Africa until this happens. We are positioning ourselves to lead this transformation over the next five years as logistics improves and more countries trade in and out Africa,” stated Benjamin Fernandes, CEO of NALA.

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