Tanzania-founded fintech startup NALA has raised $40 million to fuel its international expansion and launch its own payment rails for Africa and beyond.

NALA, a payments company and money transfer app, facilitates secure and reliable payments from Europe, the UK, and the US to several African countries, including Tanzania, Kenya, and Ghana.

Over the past year, NALA has achieved a 10x increase in revenue, reached profitability, and seen a 34x increase in transaction volume.

The Series A funding round was led by Acrew Capital, with participation from DST Global and others. The new funds will help NALA expand its consumer business globally and develop Rafiki, a B2B payments platform for the next billion users.