3 years ago
A Tanzanian fintech startup revealed it has raised $10 cardinal successful its latest backing circular and is readying to usage the funds to concern an enlargement into different African countries.
Fintech Plans to Enter 12 More Countries by Year’s End
The Tanzanian fintech down an app that enables payments from the U.K. to Africa, Nala, precocious revealed it raised $10 cardinal successful a backing circular backed by Amplo, Accel, and Bessemer Partners. So-called angel investors that participated successful this circular see the laminitis of Robinhood, Vladimir Tenev, and Jonas Huckestein, CTO astatine Monzo.
According to a report published by Fintechnews Africa, the fintech’s app already enables payments from the U.K. to 5 African countries: Tanzania, Kenya, Uganda, Rwanda, and Ghana. However, pursuing the latest fundraise, Nala volition person added 12 much African countries by the extremity of 2022, according to the report.
The work besides revealed that Nala has conscionable begun piloting a mentation of its app suited for concern radical that privation to marque payments to Africa. In summation to this caller feature, the app already comes embedded with a multi-currency accounts relation which allows users successful the diaspora to store section African currencies erstwhile abroad, the study said.
Cost of Sending Funds to Africa
Meanwhile, successful his comments pursuing the fundraise, Nala co-founder and CEO, Benjamin Fernandes, explained wherefore his steadfast chose to physique this app. He said:
“Payments successful Africa are 1% build. It’s 2022 and Africa’s inactive the astir costly spot successful the satellite to nonstop wealth successful and retired of, until this changes we are constricted by the opportunities of commercialized crossed the continent. Over the adjacent 5 years, portion logistics gets better, much places astir the satellite are going to commercialized successful and retired of Africa, we are positioning ourselves to beryllium astatine the forefront of this change.”
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Terence Zimwara
Terence Zimwara is simply a Zimbabwe award-winning journalist, writer and writer. He has written extensively astir the economical troubles of immoderate African countries arsenic good arsenic however integer currencies tin supply Africans with an flight route.
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