Observed Signal · Jul 9, 2024 · Funding · Source: Tech.eu · Impact: 2/5 · Sentiment: Positive
NALA Raises $40M Series A to Expand African Payment Rails
UK fintech NALA has raised $40 million in Series A funding led by Acrew Capital, with participation from existing investors DST Global and Amplo, as well as new investors Norrsken22, HOF Capital, and fintech founders including Chime co-founder Ryan King, Robinhood co-founder Vlad Tenev, and Klarna's founder. NALA builds payment rails to improve payments into Africa, offering a consumer money transfer app from Europe, the UK, and the US to 11 African countries, plus the B2B platform Rafiki for payments to individuals and businesses. Over the past 12 months, NALA achieved a 10x increase in revenue, reached profitability, and reported positive cash flow, with transaction volume up 34x in 20 months. The team has grown from 7 to over 100 employees, serving 500,000 customers. The funds will support expansion beyond Africa and enhanced payment infrastructure.
Notable Series A for African payments infrastructure; relevant to the commerce transaction layer but peripheral to core AdTech/MarTech.
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Key Takeaways & Evidence Grounding
- NALA raised $40 million in Series A funding led by Acrew Capital.
- NALA's total funding exceeds $50 million after previously raising $10 million in 2022.
- NALA achieved a 10x revenue increase, profitability, and positive cash flow over the last 12 months.
- NALA serves 500,000 customers, with its team growing from 7 to over 100 employees.
- NALA's consumer app enables payments to 11 African countries; its B2B platform is called Rafiki.
Connected Companies & Entities
3 Entities mapped“The $40 million funding round was led by Lauren Kolodny of Acrew Capital, with participation from previous investors DST Global, and Amplo....”
“Vlad Tenev, the co-founder of Robinhood....”
“and the founder of Klarna....”
Ontology Mapping & Concepts
Related Market Signals & Shifts
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