Money transfer fintech Nala has raised $40 million in Series A funding to support its global expansion and enhance the reliability of payments to Africa by establishing its own payment rails. This funding round was led by Lauren Kolodny of Acrew Capital, with participation from DST Global, Amplo, and previous investors. Notable fintech founders, including Ryan King of Chime, Vlad Tenev of Robinhood, and the founder of Klarna, also supported the raise.

This fresh cash injection follows a transformative year for Nala, which reached profitability after a tenfold increase in revenue and a 34-fold rise in transaction value. With 500,000 customers onboard, the Nala team has grown from just seven members to over 100 staff.

Nala’s consumer money transfer app enables users to make secure and reliable payments from Europe, the UK, and the US to 11 African countries in seconds. The firm is also building its own B2B platform for fast payments to individuals and businesses globally on the African continent, aiming to emulate the success of dLocal in Latin America and Airwallex in Asia.

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