NALA is a remittance payment processing platform licensed in the UK and United States. Benjamin Fernandes, the company’s Founder & CEO, has recently announced that the United States is now the biggest revenue market for the fintech. In addition, Nala will soon open its New York offices.
“I’m excited to share that the United States is now our largest revenue market at NALA! 🎉, With big plans in store, we can’t wait to see what the future holds. Stay tuned for more updates, including the opening of our New York office, “wrote Fernades, the Tanzanian national.
The start-up makes it possible for residents of the United Kingdom, the European Union (EU), Canada and the United States to send money to 9 African countries. The countries are Kenya, Uganda, Tanzania, Rwanda, Nigeria, Ivory Coast, Senegal, Cameroon, and Ghana.
Launched in 2017, it has a remote team of workers that operates across 18 countries. It does have an office in Nairobi and recently announced plans to make Rwanda its settlement hub for East Africa. This was after acquiring a Payment Service Provider license (PSP) in the country.
NALA benefits from the support of leading venture capital firms and accelerators like Y-Combinator, Bessemer, and Accel. Additionally, the company enjoys the backing of angel investors who have a proven track record in building successful financial technology companies like Monzo, Robinhood, Revolut, and Wise.
According to the World Bank, remittance flows to sub-Saharan Africa alone reached $53 billion in 2022. Nala, as a fintech, aims to aggregate various payment channels. This will allow it to cut out middlemen and offer cheaper international money transfers for people in Africa.
