A Tanzanian fintech startup revealed it has raised $10 million in its newest funding spherical and is planning to make use of the funds to finance an enlargement into different African nations.
Fintech Plans to Enter 12 Extra International locations by Yr’s Finish
The Tanzanian fintech behind an app that permits funds from the U.Okay. to Africa, Nala, not too long ago revealed it raised $10 million in a funding spherical backed by Amplo, Accel, and Bessemer Companions. So-called angel traders that participated on this spherical embody the founding father of Robinhood, Vladimir Tenev, and Jonas Huckestein, CTO at Monzo.
In accordance with a report revealed by Fintechnews Africa, the fintech’s app already permits funds from the U.Okay. to 5 African nations: Tanzania, Kenya, Uganda, Rwanda, and Ghana. Nonetheless, following the most recent fundraise, Nala may have added twelve extra African nations by the top of 2022, based on the report.
The publication additionally revealed that Nala has simply begun piloting a model of its app suited to enterprise people who want to make funds to Africa. Along with this new function, the app already comes embedded with a multi-currency accounts perform which permits customers within the diaspora to retailer native African currencies when overseas, the report mentioned.
Value of Sending Funds to Africa
In the meantime, in his feedback following the fundraise, Nala co-founder and CEO, Benjamin Fernandes, defined why his agency selected to construct this app. He mentioned:
“Funds in Africa are 1% construct. It’s 2022 and Africa’s nonetheless the costliest place on the earth to ship cash out and in of, till this adjustments we’re restricted by the alternatives of commerce throughout the continent. Over the subsequent 5 years, whereas logistics will get higher, extra locations world wide are going to commerce out and in of Africa, we’re positioning ourselves to be on the forefront of this alteration.”
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