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Nala, a remittance startup, has raised $40M in Series A funding to expand its services to Asia and Latin America.
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The company is also building a B2B payments platform, Rafiki, to serve global businesses making payments into and out of Africa.
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Nala plans to use the funding to enhance its infrastructure and scale its offerings to new markets.
Nala, a remittance startup, has secured $40M in Series A funding to expand its services to new markets. The company plans to use the funding to enhance its infrastructure and scale its offerings to Asia and Latin America. Nala’s remittance services currently enable people in the EU, UK, and US to send money to 11 markets across Africa.
Nala is also building a B2B payments platform, Rafiki, to serve global businesses making payments into and out of Africa. The platform has already gained clientele, including UK-based fintech TransferGo, and is expected to play a key role in the company’s growth plans. Nala’s founder and CEO, Benjamin Fernandes, believes that the company’s payment capabilities will revolutionize the way people send money across borders.
With the growth of the remittance market expected to continue, Nala is well-positioned to take advantage of the opportunities in this space. The company’s focus on bringing down the cost of sending money is at the heart of its offering, making it an attractive option for individuals and businesses alike.
