NALA
Category: AI in Fintech
Cross-border payments company providing a multi-currency consumer account and Rafiki stablecoin/local payout infrastructure for remittances and B2B flows into emerging markets. NALA was founded in 2017. The company is led by Benjamin Fernandes. Based in London, England. Team size: 51-200. Total funding raised: $50.1M. Latest round: Debt. Key investors include Y Combinator, Accel, Amplo, Acrew Capital, DST Global Partners, Norrsken22.
- Founded
- 2017
- Headquarters
- London, England
- Team size
- 51-200
- Total funding
- $50.1M
Value proposition
To provide fast, secure, reliable, and low-cost payment services for individuals and businesses.
Products and solutions
NALA App: Consumer multi-currency account for receive, hold, convert and send across UK/US/EU to Africa and Asia., Rafiki: B2B stablecoin and local payout infrastructure (API) for on/off-ramps, collections and payouts into emerging markets (banks + mobile money).
Unique value
NALA builds its own payment rails to improve reliability and reduce costs.
Target customer
Individuals from the African diaspora in the UK, US, and EU sending money to Africa and Asia, as well as businesses making payments to the continent.
Industries served
Financial Services, Fintech, Remittance
Technology advantage
By building its own payment infrastructure (Rafiki), NALA reduces its reliance on third-party aggregators, leading to more reliable payouts, lower user charges, and better scalability.
How they differentiate
NALA differentiates itself by prioritizing rate transparency, even displaying competitors' rates to users.
Main competitors
Chipper Cash, Flutterwave, Cellulant
Key partnerships
MoneyGram, NCBA Bank, M-Pesa, Noah, Pesapal, Cadana
Notable customers
MoneyGram, TransferGo, Cadana
Major milestones
Secured a $40M Series A funding round in July 2024., Expanded its services to Kenya, Uganda, Rwanda, and Ghana., Launched a B2B payments platform named Rafiki., Obtained a payment systems license from the Bank of Tanzania in March 2023., Became the first African startup to integrate Google Pay for payments from the US and UK to Africa., Featured in the Forbes Fintech 50 list (incl. repeat)., Partnered with MoneyGram for stablecoin settlement and payouts via Rafiki (April 2026)., Secured up to $50M non-dilutive credit facility from Liquidity / Mars Growth Capital (May 2026) to scale stablecoin payment infrastructure., Expanded Rafiki stablecoin rails across Africa and Asia; partnered with Noah on regulated stablecoin settlement.
Growth metrics
500,000+ consumer users; 249+ banks and 26 mobile money services across 16+ countries. Company reports Rafiki B2B ~30x growth in 12 months (2026 update). Around Series A: 10x revenue and 34x transaction volume; profitable and cash-flow positive. Still holds >50% of 2024 Series A capital as of May 2026 debt raise.
Market positioning
NALA is positioning itself as the 'Revolut for Africa,' aiming to provide a comprehensive suite of financial services for the African diaspora. They are not just a remittance company but are building a broad financial platform.
Geographic focus
NALA's primary geographic focus is on facilitating payments to Africa from the UK, US, and EU. They have a strong presence in several African countries, including Tanzania, Kenya, Uganda, Rwanda, and Ghana, and are expanding into Asia.
Patents and IP
Information on patents or specific IP is not publicly available.
About Benjamin Fernandes
Founder & CEO at NALA, previously worked at the Bill & Melinda Gates Foundation and The World Bank. He was also a National TV Host in Tanzania and holds an MBA from Stanford.
More AI in Fintech companies
Official website: https://www.nala.com/