Tanzania’s cross-border payments fintech startup has raised $10 million in its seed round of funding, seeking to expand across Africa in 2022.
Investors who took part in this round of funding include Amplo, Accel, Bessemer Partners, DFS Lab, Jonas Templestein, co-founder and CTO of Monzo; Vladimir Tenev, Robinhood co-founder and CEO; Deel founder Alex Bouaziz; Laura Spiekerman, co-founder of Alloy; Peeyush Ranjan, the head of Google Payments and early employees at Revolut and TransferWise.
Sheel Tyle, the founder and general partner at Amplo, will join NALA’s board.
The company says it will use the funding to hire more talent and foster growth efforts in the U.K., U.S. and Europe, build payment rails in Africa and expand to new countries. The startup plans to be active in 12 African countries by the end of the year, including Nigeria. The startup is currently present in Tanzania, Kenya, Uganda, Rwanda, Ghana and South Africa.
The seed round is coming almost three years after NALA secured a seven-figure pre-seed round led by Accel in 2019.
With Africa being the most expensive region to send money to, with 10.6% in average transaction fees, digital senders like NALA pitch themselves to customers as platforms with the best rates and lowest prices. The company says in the past six months, more than 8,000 customers have moved over eight figures in transaction volume to Africa.
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