Tanzania-born fintech startup, NALA, buoyed by fresh injection of significant capital, is looking to stand out with bold ambitions. NALA recently secured a hefty USD 40 M Series A , an investor vote of confidence that is a testament to its remarkable growth in the African cross-border payments arena.
But NALAs aspirations reach far beyond the fiercely competitive battleground of African diaspora remittances. This fresh capital fuels the companys pursuit of bigger ambitions, as hinted by DFS Labs co-founder Stephen Deng, an early NALA investor,
From USSD Dreams to Remittance RealityNALAs story began in 2016 with a vision to become an offline Venmo for Africa by building a USSD-based payments network. However, the limitations of relying on third-party integrations and navigating a crowded domestic payments market led to a strategic shift in 2020.
NALA pivoted to international remittances, targeting the African diaspora with a compelling proposition: speed, reliability, and competitive fees. This decision, as Deng writes in a recent blog , capitalised on a customer base with the spending ability to drive revenues.
The decision paid off. Initially targeting the EU, UK, and US markets, NALA has facilitated payments across 249 banks and 26 mobile money services in 11 African countries over the last two years. The company quickly gained traction, with its revenue growing 10x over the past year and achieving profitability. However, NALA's aspirations extend beyond being just another remittance player.
