Tanzanian fintech NALA secures $40m to accelerate remittance business

Today’s Menu ☕️

💸 Tanzanian fintech NALA secures $40m to accelerate remittance business
💵 Stitch Expands Payment Options for South African Businesses, Adding Apple Pay, Google Pay, and Samsung Wallet
🩳 IFC extends $15m loan to Star Garment Group to Boost Textile and Apparel Manufacturing in Togo

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💸 REMITTANCES

Tanzanian fintech NALA secures $40m to accelerate remittance business

Tanzanian fintech NALA announced that it has raised $40 million in a Series A funding round to accelerate its global growth by focusing on two key areas: the expansion of its consumer business and the development of Rafiki, its B2B payments platform. This is NALA’s second round of fundraising in 2 years, having raised $10 million in 2022, bringing the company’s funding to over $50 million.

This funding round was led by the San Francisco-based venture capital firm Acrew Capital, with contributions from DST Global, Norrsken22, HOF Capital, and existing investors like Amplo and NYCA Partners. Additionally, angel investors, including fintech founders Ryan King of Chime and Vlad Tenev of Robinhood, also participated.

Founded by CEO Benjamin Fernandes in 2017 initially to offer local money transfers in Tanzania, it pivoted in 2021 to enable foreign remittances. NALA’s consumer app allows individuals residing in the EU, UK, and US to transfer money to 249 banks and 26 mobile money services across 11 African markets. In regions where NALA has integrated with mobile money services, such as Kenya’s M-Pesa, users can directly pay bills into local mobile wallets..…....continue reading

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🎥 YOUTUBE EXTRA

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💵 PAYMENTS

Stitch Expands Payment Options for South African Businesses, Adding Apple Pay, Google Pay, and Samsung Wallet

Stitch, a leading payment service provider (PSP) in South Africa, is making waves in the digital payment landscape once again. Building on their November last year, launch of “Pay With Crypto,” which allowed customers to pay with cryptocurrency, Stitch is now expanding its offerings to include support for Apple Pay, Google Pay, and Samsung Wallet for enterprise clients. This move positions Stitch at the forefront of payment innovation in South Africa, catering to the growing demand for convenient and secure mobile payment options.

With this latest update, Stitch is making it easier than ever for businesses to embrace the growing popularity of digital wallets in South Africa. Through a single API integration, businesses can now accept payments from all three major smartphone wallet providers, eliminating the need for complex integrations and simplifying the checkout process for customers.…....continue reading

🩳🩳TEXTILES

IFC extends $15m loan to Star Garment Group to Boost Textile and Apparel Manufacturing in Togo

To enhance textile and apparel manufacturing in Togo, the International Finance Corporation (IFC) has announced a financing package for Star Garments Group Limited. This initiative will aid the company in establishing Togo's first large-scale, export-focused apparel manufacturing center, which is expected to create thousands of local jobs.

The IFC's $15 million loan will provide Star Garments, a leading apparel manufacturing company based in Sri Lanka and a fully owned subsidiary of the U.S.-based global apparel industry leader Charles Komar & Sons, with the necessary funds to build a greenfield clothing factory in Togo. This facility is projected to generate 4,520 direct and indirect jobs, particularly for women, and significantly boost export-oriented value addition by 2030. This marks the first venture into Africa for Charles Komar & Sons and Star Garments..…....continue reading

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