Tanzanian fintech NALA raises $10M seed to build Revolut for Africa
NALA, a Tanzanian cross-border payments company that recently pivoted from local to international money transfers, said Thursday it has raised $10 million in a new fundraising round.
The seed round is coming almost three years after NALA secured a seven-figure pre-seed round led by Accel in 2019. In that time, NALA built a mobile money service in East Africa and scaled it to more than 250,000 users. But in 2021, NALA started testing international money transfers after some users expressed interest in moving money from the U.K. to East African countries (Kenya, Uganda and Tanzania), thus ushering the Tanzanian fintech into the remittance business.