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African money transfer fintech Nala launches in the European Union

Backed by Y-Combinator and Accel Starters, Nala launched in the UK last year and has since added US coverage ahead of its EU launch.

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Nala, a YC and Accel Starters-backed African fintech, has landed in the EU. 

Tanzania-based Nala launched in the UK exactly one year in January 2021 and includes ex-Monzo and Google employees. 

Now it has brought its remittances and payments services aimed at the Afrian diaspora to the wider European market, where more than a quarter of African migrants live. 

Alongside those in the EU and the UK those based in the United States too can use Nala’s ap to send money to Tanzania, Kenya, Rwanda, Uganda and Ghana.

“The European economy is the third largest in the world, and home to more than a quarter of African migrants. At NALA, our mission is to financially empower Africans across the world. Launching in the EU significantly expands our reach and ability to meaningfully innovate in the African payments space,” said Nala CEO Benjamin Fernandes.

Hailing from Tanzania, Fernandes has worked in African mobile money payments for over 10 years. He also previously built one of the first integrations for mobile money payments for TV subscription services before this.

“Payments companies have traditionally leaned on market expansion as a primary growth lever, causing them to pursue wider geographic reach rather than added value in their product,” Fernandes added. 

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