Tanzanian Fintech Raises $10 Million, Plans to Enter 12 More African Countries

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 growth into different African nations.

Fintech Plans to Enter 12 More Countries by Year’s End

The Tanzanian fintech behind an app that allows 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 Partners. So-called angel buyers that participated on this spherical embrace the founding father of Robinhood, Vladimir Tenev, and Jonas Huckestein, CTO at Monzo.

According to 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. However, following the most recent fundraise, Nala may have added twelve extra African nations by the top of 2022, in line with the report.

The publication additionally revealed that Nala has simply begun piloting a model of its app fitted to enterprise those that want to make funds to Africa. In addition to this new characteristic, 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 stated.

Cost of Sending Funds to Africa

Meanwhile, in his feedback following the fundraise, Nala co-founder and CEO, Benjamin Fernandes, defined why his agency selected to construct this app. He stated:

“Payments in Africa are 1% construct. It’s 2022 and Africa’s nonetheless the costliest place on the planet to ship cash out and in of, till this modifications we’re restricted by the alternatives of commerce throughout the continent. Over the following 5 years, whereas logistics will get higher, extra locations all over the world are going to commerce out and in of Africa, we’re positioning ourselves to be on the forefront of this transformation.”

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