July 15, 2024
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Revolutionize B2B Payments with $40M Investment – Unleashing Game-Changing Remittance Services!

Revolutionize B2B Payments with M Investment – Unleashing Game-Changing Remittance Services!

Nala, a groundbreaking remittance startup, has recently made waves by expanding its services to include a new B2B payments platform after securing a staggering $40 million in equity funding. This successful deal stands out as one of Africa’s largest Series A transactions to date, marking a significant milestone for the company.

  1. The Diverse Investor Pool:
    • Acrew Capital, a venture capital firm based in San Francisco, led the oversubscribed fundraising round.
    • Notable backers such as DST Global, Norrsken22, HOF Capital, and existing investors like Amplo and NYCA Partners also participated.
    • Angel investors, including fintech luminaries Ryan King from Chime and Vlad Tenev from Robinhood, further reinforced their confidence in Nala’s vision and potential.

Founder and CEO Benjamin Fernandes shared that this substantial injection of capital would propel Nala’s worldwide expansion efforts, focusing on scaling its remittance operations to cater to the Asian and Latin American markets.

  1. Evolution of Nala’s Services:
    • Nala’s consumer app currently allows individuals residing in the E.U., U.K., and U.S. to send money across 249 banks and 26 mobile money services in 11 African markets.
    • By integrating with popular platforms like Kenya’s M-Pesa, Nala streamlines bill payments directly into local mobile wallets, enhancing user convenience and control.

Fernandes emphasized that user demands for comprehensive financial control spurred the decision to incorporate payment functionalities. As Nala gears up to introduce these services in new markets, starting with Asia, the company is actively expanding its B2B payments platform launched earlier this year.

  1. Towards a Robust Payments Ecosystem:
    • Fernandes highlighted the pivotal role of this $40 million funding in Nala’s journey beyond remittances, forging a robust payments ecosystem that extends far beyond Africa’s borders.
    • Promising investments in infrastructure enhancements ensures secure and cost-effective payments for all, underscoring Nala’s commitment to transformation and tangible impact.

    Fernandes boldly declared, “With the launch of our proprietary payment rails and the expansion of the Rafiki B2B platform, we are not merely discussing change – we are actively constructing it.”

  2. Seizing Growth Opportunities:
    • Nala’s strategic move to broaden its remittance services into burgeoning markets like Asia and Latin America aligns with the World Bank’s forecast of robust growth in the sector.
    • Recognition of increasing demand for reliable, cost-efficient cross-border money transfers underscores Nala’s distinctive positioning alongside industry peers.

As the world continues to witness a steady rise in remittance needs and cross-border transactions, Nala is poised to lead the fray. The company’s unwavering dedication to affordable and seamless financial services is set to redefine the landscape of global payments for generations to come.

In conclusion, Nala’s groundbreaking initiatives are propelling the remittance industry towards a more inclusive, efficient future. By leveraging technology, innovation, and a strong community-driven approach, Nala is building the cornerstone for cross-border payment solutions that cater to the evolving needs of the global economy. Join us on this journey towards a more connected, financially empowered world.

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