Tanzanian Fintech Nala Raises $10M from Monzo and Robinhood Founders
NALA, Founded by Tanzanian Benjamin Fernandes (Founder &; CEO). Led alongside Nicolas Esteves (CTO) and Nicolas Eddy (COO), raised $10m round backed by Amplo, Accel, and Bessemer Partners with participation from Angels such as Jonas, the co-founder & CTO of Monzo, Robinhood founder Vlad, Laura, the co-founder of Alloy, Deel founder Alex Boaziz and Peeyush Ranjan, the head of Google Payments.
Amplo’s GP, Sheel Tyle, joins the board of NALA. Sheel sits on the board of Andela and has been a seed investor and previous board observer in Robinhood.
NALA will be starting a crowdfunding campaign this year where their first users will get accessibility to have shares in NALA.
NALA is an app that allows you to make payments from the UK to Tanzania, Kenya, Uganda, Rwanda, and Ghana.
This week, NALA is piloting NALA for enterprises enabling individuals that run enterprises to pay to Africa.
When abroad, NALA is in private beta with multi-currency accounts permitting the African diaspora to store local African currencies.
NALA is simultaneously building payments rails to reduce costs further and enable other businesses to build on top of them and utilize these rails.
NALA’s Expansion
NALA will be in 12 African nations by the end of the year, including Nigeria to that list.
The company is strongly growing. They recently gained permission to stay in the US (targeting a Q1 launch) and the European Economic Area (targeting a Q1 launch). Currently, NALA has seven entities running in nations including Tanzania, Kenya, Uganda, Ghana, and South Africa.
NALA recently made a deal with Citi Bank Global to manage their FX and fast-track development over different geographies, one of the few African tech companies with this bargain.
Compliance: NALA not long ago recruited Subuola Abraham to direct compliance functions at the company. Subuola was the previous group chief compliance officer at UBA Bank and GT Bank, two of Africa’s largest banks.
Read the original article on Fintechnews Africa.
Related “Three Leading Fintech Trends to Enjoy in 2022”
