NALA
“Can a remittance app become the stablecoin-powered cross-border payments infrastructure for emerging markets — and a multi-currency neobank for the global diaspora?”
Founded2018
HQSan Francisco, United States (with offices in London, Amsterdam, Nairobi, Hoboken NJ, Toronto)
FoundersBenjamin Fernandes
Total raised$50M+ equity + up to $50M debt facility
Latest roundDebt facility, May 2026
IndustryFintech / Cross-border payments
The story
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).
Last 12 months
Product timeline
2018
NALA v1 launched as offline mobile money app in Tanzania· launch
2022
Re-launched as cross-border remittance app (UK → Africa), raised $10M seed· pivot
2024
Raised $40M Series A led by Acrew Capital; launched Rafiki.API B2B payments infrastructure· lending
2024
Launched Rafiki.API — internal payment infrastructure productized for third parties across 18 African/Asian markets· launch
2026
Announced stablecoin (USDC) settlement strategy; partnership with MoneyGram for stablecoin settlement and emerging-market payouts· launch
2026
Secured up to $50M debt facility from Liquidity / Mars Growth Capital (MUFG JV) to pre-fund business accounts and expand corridors· lending
Regulated entities
MSB / FinCEN registration
US Treasury (FinCEN)
Nala Payments LLC
State Money Transmitter License
Colorado, US
Nala Payments LLC
State Money Transmitter License
Georgia, US
Nala Payments LLC
State Money Transmitter License
Missouri, US
Nala Payments LLC
EMD Agent
UK FCA (via Modulr FS Ltd, FRN 900573)
NALA Payments Ltd
EMI partner / agent
EU (Netherlands DNB, via Modulr Finance B.V., R182870)
NALA Payments Netherlands B.V.
The 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)Rafiki.API (self-operated, in-house B2B payment infrastructure)
Banking / BaaS
Card issuing
Sponsor bank
FX & payouts
Crypto
Accounting gap: none