Tanzanian Fintech Raises $10M Plans To Enter 12 More African Countries

A Tanzanian fintech startup said it has been able to raise $10 million in a recent funding round and plans to use the funds to sponsor its expansion into 12 other African countries.

The Tanzanian fintech startup is called Nala. Nala is an app that enables payments from the U.K to African countries. Nala recently said it was able to raise $10 million in a funding round that had the backing of Amplo, Accel, and Bessemer Partners. Some of the angel investors that participated in the funding round are Vladimir Tenev, Founder of Robinhood, and Jonas Huckestein, Chief Technology Officer (CTO) at Monzo.

From the reports of news published by Fintechnews Africa, the Tanzanian fintech app already allows payments from the United Kingdom to five African countries: Kenya, Uganda, Tanzania, Rwanda, and Ghana.

Meanwhile, after the just concluded fundraising, Nala is set to extend into twelve more African countries by the end of 2022, according to the news report.

The publication also revealed that Nala has started directing a part of its app suitable for people in business that will like to make payments to Africa. Furthermore, this new feature is made such that the app already comes with a multi-currency account function attached to it which enables users in the region to save local African currencies when abroad, the publication read.

Co-founder and CEO of Nala, Benjamin Fernandes said in a comment following the funding round why his firm decided to build this app.

“Payments in Africa are built 1%. It’s 2022 and Africa remains the most expensive place in the world to send money in and out of, until this changes, we are limited by the opportunities or trade across the continent. In the next 5 years, while logistics get better, more places around the world are going to trade in and out of Africa, we are positioning ourselves to be at the forefront of this change”, he said.


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Boluwatife Aponmade
Boluwatife Aponmade
Boluwatife Aponmade is a Writer, Content Creator, Social Volunteer, Sickle cell Advocate and a lover of arts. She does creative writing, copywriting, storytelling and poetry. She has interest in Mass communication, Law and Journalism. She's a Biochemistry Student.

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