Tanzanian fintech collects $ 10 million and plans to enter 12 other African countries-FinTech

A Tanzanian FinTech startup announced that it collected $ 10 million in its last round of financing and plans to use the funds to finance an expansion to other African countries.

fintech plans to enter 12 more countries by the end of the year

The Tanzanian fintech behind an app that enables the payments from Great Britain to Africa, Nala recently announced that it collected $ 10 million in an amplo, accel and Bessemer Partners supported by Amplo, Accel and Bessemer. The so-called fishing investors who took part in this round include the founder of Robinhood, Vladimir Tenev, and Jonas Huckestein, CTO at Monzo.

according to a target = "_ blank" href = "https://fintechnews.frica/40561/fintech-tanzania/tanzanian-nala-raises-10m-roound/" Rel = "noopener"> test report The app of the fintech published by fintechnews africa Payments from the United Kingdom to five African countries: Tanzania, Kenya, Uganda, Rwanda and Ghana. According to the recent fundraiser, according to the report, however, twelve other African countries will have added by the end of 2022.

The publication also revealed that Nala has just started testing a version of his app that is suitable for business people who want to make payments to Africa. In addition to this new function, the app is already equipped with a function for accounts with several currencies that enables users in the diaspora to store local African currencies abroad, the report says.

costs for sending funds to Africa

Benjamin Fernandes, co -founder and CEO of Nala, said in his comments after the fundraising campaign why his company decided to develop this app. He said:

"Payments in Africa are built up 1 %. It is 2022 and Africa is still the most expensive place in the world to send money and out, we are restricted by the trade possibilities on the entire continent. While logistics will be better over the next 5 years and more places around the world will act with and from Africa, we position ourselves to be at the top of this change."

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Terence Zimwara

Terence Zimwara is an award -winning journalist, author and writer from Zimbabwe. He wrote in detail about the economic problems of some African countries and how digital currencies Africans can offer an escape route.

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