“Can a remittance app become the stablecoin-powered cross-border payments infrastructure for emerging markets — and a multi-currency neobank for the global diaspora?”
NALA's first incarnation (2018-2021) was a Tanzania-only offline mobile money app that 'doesn't exist' today. Founder Benjamin Fernandes re-launched the company in 2022 as a UK-to-Africa remittance app, growing to $24M revenue in 28 months. In 2024, NALA productized its internal infrastructure as Rafiki.API — a B2B cross-border payments rail — and in 2026 pivoted further into stablecoin (USDC) settlement, positioning itself as 'global stablecoin payments infrastructure' with a multi-currency neobank front-end (USD/EUR/GBP/KES/UGX/TZS/RWF/USDC).
NALA discloses Modulr (EU/UK) and Sila + Priority Commerce/Finxera (US) as its banking providers, with Evolve Bank & Trust as its sponsor bank, according to the Embedded Finance Index 2026.
NALA does not disclose a bank charter of its own; its banking services are provided through Evolve Bank & Trust.
NALA processes payments through Modulr (EU/UK e-money account & card issuance), Sila (US ACH/wallet infra), Priority Commerce / Finxera (US accounts via Wells Fargo, Comerica, Axos, Western Alliance) and Rafiki.API (self-operated, in-house B2B payment infrastructure).
NALA's cards are issued through Modulr Finance BV (EU card issuance per EU ToS).
NALA uses Rafiki.API (self-operated) and MoneyGram (stablecoin settlement & payout partner, 2026) for FX and cross-border payouts.
NALA's crypto products run on MoneyGram (stablecoin settlement partnership, 2026).
The Embedded Finance Index 2026 maps 6 layers in NALA's stack: Payments / PSP (Modulr (EU/UK e-money account & card issuance), Sila (US ACH/wallet infra), Priority Commerce / Finxera (US accounts via Wells Fargo, Comerica, Axos, Western Alliance) and Rafiki.API (self-operated, in-house B2B payment infrastructure)); Banking / BaaS (Modulr (EU/UK) and Sila + Priority Commerce/Finxera (US)); Card issuing (Modulr Finance BV (EU card issuance per EU ToS)); Sponsor bank (Evolve Bank & Trust); FX & payouts (Rafiki.API (self-operated) and MoneyGram (stablecoin settlement & payout partner, 2026)); Crypto (MoneyGram (stablecoin settlement partnership, 2026)).
NALA was founded by Benjamin Fernandes and is founded in 2018, headquartered in San Francisco, United States (with offices in London, Amsterdam, Nairobi, Hoboken NJ, Toronto).
NALA has raised $50M+ equity + up to $50M debt facility in total (latest round: Debt facility, May 2026).
Get a read on where your own stack stands against NALA and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.