NALA

NALA's journey began in 2017, founded by Benjamin Fernandes, with a vision to simplify financial transactions for the African continent. Initially, the company focused on domestic payments within Tanzania, quickly amassing a significant user base of 250,000 customers within its first year. Recognizing the broader challenges and opportunities in the African financial landscape, NALA pivoted its strategy to address the complexities of cross-border payments. This evolution was driven by a deep understanding of the hurdles faced by the African diaspora in sending money home and by businesses seeking to operate seamlessly across the continent.

The company's mission crystallized into 'building payments for the next billion,' aiming to increase economic opportunities globally, with a strong emphasis on Africa and its diaspora. This ambition led to the development of a consumer-facing mobile application for international money transfers, designed to offer faster, more affordable, and transparent services compared to traditional remittance channels. NALA's app allows users in the UK, US, and EU to send money to several African countries. Alongside its consumer product, NALA embarked on creating 'Rafiki,' a B2B platform providing payment rails and infrastructure for businesses, fintechs, and financial institutions to facilitate payments within and into Africa. This dual approach underscores NALA's commitment to building a comprehensive financial ecosystem. The company established its headquarters in Nairobi, Kenya, a burgeoning hub for innovation and talent in Africa, to better serve its operational needs and tap into the local ecosystem. NALA has successfully raised significant funding, including a $10 million seed round in 2022 and a $40 million Series A round in 2024, from prominent investors like Accel, Y Combinator, Acrew Capital, and DST Global, fueling its expansion and product development. Today, NALA serves over 500,000 customers and continues to innovate, with plans to expand its services beyond Africa and further enhance its payment infrastructure.