NALA Payments Ltd

Based in the UK, NALA Payments Ltd provides user-friendly international money transfer solutions that enable individuals and businesses to send funds securely and affordably to various countries across Africa and Asia. NALA Payments Ltd specializes in financial technology, focusing on international remittances. Founded in 2017 in London, UK, the firm has successfully completed five deals to date. The most recent funding round occurred on July 9, 2024, when NALA raised EUR 37 mn in a Series A round led by Acrew Capital.

Founder Benjamin Fernandes has a history of entrepreneurial ventures and was instrumental in establishing NALA as a key player in the remittance sector. NALA is a financial technology company specializing in international money transfers, with a focus on offering a user-friendly mobile application for individuals and businesses. Users can send money quickly, securely, and affordably to various countries in Africa and Asia, including Tanzania, Kenya, Uganda, and Ghana. The app facilitates real-time payments, catering to personal use cases such as supporting family members and business cross-border transactions.

NALA boasts over 500,000 users across the US, UK, EU, and selected African nations, providing features such as instant notifications, real-time finance management, and transparent pricing without hidden fees. NALA generates revenue through transaction fees associated with its money transfer services, promoting affordability and transparency. Customers can send up to USD 5,000 per day, with fees structured to cover operational costs, including a small margin on exchange rates. The target market comprises individual consumers and businesses seeking efficient cross-border payment solutions.

NALA operates under various regulatory licenses and partnerships, ensuring reliability and security in its transactions. In July 2024, NALA Payments Ltd raised EUR 37 mn in Series A funding led by Acrew Capital, with participation from Amplo, DST Global, NYCA Partners, Norrsken22, and HOF Capital. The funding will allow NALA to expand its consumer business beyond Africa and enhance its B2B payments platform, Rafiki. The company is also planning to launch new products aimed at improving user experience and transaction efficiency, while targeting expansion into additional markets within Asia and Europe by mid-2025.