Tanzanian Remittance Startup NALA Moves Over $1 Billion Across Africa and Asia

NALA, a Tanzanian-born fintech firm, has facilitated over $1 billion in remittance transfers to Africa and Asia, according to recent reports from The Citizen. Founded by Benjamin Fernandes, the company built a cross-border payments bridge, enabling cost-effective and rapid transactions from Europe, North America, and other regions into Africa’s emerging markets.

Since launching its remittance product, NALA has seen remarkable growth, prompting a $40 million Series A raise in mid‑2024 led by Acrew Capital, with participation from DST Global, Norrsken22, HOF Capital, and angel investors such as Chime’s Ryan King and Robinhood’s Vlad Tenev The funds are being used to build a proprietary payment network—known as Rafiki—that supports both consumer and B2B remittance flows, aiming to reach the “next billion” users in Africa and beyond

Growth has been impressive: NALA reports a 10× increase in revenue, 34× surge in transaction volume, and sustained profitability over the past year, serving nearly 500,000 users across East and West Africa The startup facilitates instant transfers from the UK, US, EU, and expands rapidly into Rwanda, Uganda, Kenya, and Ghana—and is now extending reach into Asia.

Founder Benjamin Fernandes emphasizes the power of cross-border movement. In his interview with The Citizen, he described how gathering talent from across East Africa, London, and Singapore fosters innovation and customer-focused financial solutions NALA also supports global wallet integration via Apple Pay and Google Pay, making remittances more seamless.

The $40 million funding is channeled into building payment rails—both consumer and B2B via Rafiki—to solidify NALA’s position as a regional infrastructure player. With its network, NALA can reduce reliance on intermediaries, lower transaction costs, and offer near-instant settlement across corridors.

Why this matters for Africa’s fintech landscape: NALA’s milestone is proof that African startups can design scalable, profitable cross-border payment ecosystems. By driving $1 billion in flows and building infrastructure, the company sets a new standard, competing with legacy remittance giants. For other fintechs, the success of NALA signals the importance of combining local market understanding with global financial expertise to unlock next-generation payment networks.