Y-Combinator-backed East African fintech Nala launches in the UK

By Daniel Lanyon on Friday 15 January 2021

Digital Banking

The firm offers money transfer services to the African diaspora and will support payments from the UK to Kenya and Uganda initially, followed by Tanzania soon after.

Y-Combinator-backed East African fintech Nala launches in the UK
Image source: Photo by Anete Lusina from Pexels

Tanzanian startup Nala is launching a new money transfer app in the UK in early 2021 to help the East African diaspora in the UK send money to Kenya, Uganda and Tanzania. 

The YC backed company recently gained approval from UK financial regulator the FCA. It already has 250,000 customers across East Africa.

Nala is backed by well-known venture capital firms Accel’s and Y-Combinator.

“Our mission is to increase economic opportunity for Africans worldwide and we believe that remittances are one of the best forms of economic development” the firm said in a media statement.

”We want to use remittances as a foundation for new layers of banking services for the African diaspora and their loved ones back home,” it added.

Nala beta app will be rolling out gradually from February 2021 for UK based customers sending to Kenya and Uganda and will be available for customers sending to Tanzania shortly after.

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