NALA, a Tanzanian fintech startup, has acquired US$10 million in funding as part of its rapid development plans across Africa by the end of the year 2022.
The funding was provided by Amplo, Accel, and Bessemer Partners, with involvement from angel investors such as the creators of Monzo, Robinhood, Alloy, and Deel, as well as Peeyush Ranjan, the head of Google Payments, who also participated.
This year, NALA will begin a crowdfunding campaign through which their first users will be able to purchase shares in the company.
NALA has created an app that enables users to send money to Tanzania, Kenya, Uganda, Rwanda, and Ghana from the United Kingdom (UK). In addition, the startup is piloting services for small enterprises.
“Payments in Africa are one-hundredth of one percent built. African countries continue to be the most expensive places to transmit money into and out of in the world, even in the year 2022. Until this changes, we will be constrained by the prospects for trade that exist across continents. “Over the next five years, as logistics improve, more countries around the world will trade in and out of Africa, and we are positioned ourselves to be at the forefront of this shift,” said Benjamin Fernandes, CEO of the National Association of Logistics.
The startup expects to be operational in 12 African nations by the end of the year, including Nigeria, and to initiate operations in the United States (US) and the European Economic Area (EEA) in the first quarter of 2022.