Tanzanian fintech startup Nala recently secured $40 million in a Series A funding round led by San Francisco-based venture capital firm Acrew Capital. The funds will be used to bolster Nala’s business-to-business (B2B) payment platform and support its overall growth plans.New Funding to Support Nala’s Growth PlansTanzanian fintech startup Nala recently secured $40 million in a Series A funding round to bolster its B2B payment platform called Rafiki. The oversubscribed round was led by San Francisco-based venture capital firm Acrew Capital, with participation from DST Global, Norrsken22 and HOF Capital.Existing investors Amplo and NYCA Partners, along with angel investors Ryan King (Chime) and Vlad Tenev (Robinhood), also participated. The funds will be used to build the B2B platform and support Nala’s overall growth plans.
Nala CEO Benjamin Fernandes attributed the decision to add Rafiki to user demand for more control over their funds. The additional capital will also fuel Nala’s expansion efforts.“We’re reinvesting this money to enhance our infrastructure, ensuring reliable, low-cost payments for all. With the launch of our own payment rails and the expansion of our B2B platform Rafiki, we’re not just talking about change, we’re building it,” Fernandes said.According to a report, Nala launched its B2B product in March, targeting businesses that make payments into and out of Africa. The recent $40 million Series A funding round is expected to further Nala’s expansion beyond Africa, following its $10 million seed funding round in 2022.