Nala completed a $40 million Series A investment round to develop its B2B payment network for Africa and to grow its consumer business outside of Africa.
In a blog post published on Tuesday, July 9, Nala said that the new services would build upon its app, which was released in 2021 and now enables users in the US, the UK, and the EU to transfer money to 11 African nations.
According to the article, the corporation wants to serve both the “next billion,” which comprises most of the world’s developing economies and the 1.3 billion people it serves in Africa.
Benjamin Fernandes, the founder and CEO of Nala, said in the article, “This funding is a testament to the hard work of our team and the trust our investors have in our vision.” It represents a new phase in our effort to transform payments for the next billion people.
According to the article, Nala has had a tenfold increase in income over the last 12 months, and it has turned a profit and achieved cash flow positive status for the first time.
According to the announcement, the company’s transaction volume increased by 34 times in the last 20 months.
According to the statement, it also increased its client base to about 500,000 globally and enlarged its workforce from seven to nearly 100 individuals.
According to the statement, Nala intends to use the additional money to grow its consumer business outside of Africa by offering services to the world’s migrant diaspora.
According to the statement, the firm also intends to develop Rafiki, a B2B payments platform, to guarantee dependability, directly manage treasury, enhance error mapping, lowering user expenses, and streamline payouts and collections.
Fernandes said in the article, “It’s time to build a better financial future for Africa and beyond.”
Approximately two and a half years have passed since Nala’s $10 million seed round.
By January 2022, the firm had switched from domestic to international transfers, accepted payments to Tanzania, Kenya, Uganda, Rwanda, and Ghana from the United Kingdom, and assisted over 8,000 consumers in transferring $10 million to African nations in the preceding six months.