NALA provides an international money transfer application for sending funds quickly and affordably from the US, UK, and EU to recipients in Africa and Asia. The platform focuses on transparent, low-cost cross-border payments with high daily transfer limits. Users benefit from real-time payment updates and 24/7 customer assistance in multiple languages.
Funding
$50.2M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
DCFounders
Product
Problem
Traditional methods of sending money to Africa often involve high fees and slow transfer times, creating barriers for individuals supporting family and friends across borders. These outdated systems lack transparency, making it difficult for users to track their funds and ensure timely delivery.
Solution
Nala is a mobile payments application designed to facilitate fast, secure, and reliable cross-border money transfers from the US, UK, and EU to various African countries. The platform provides real-time exchange rate calculations and employs two-factor authentication to enhance security. Nala addresses the challenges of high fees and slow transfer times associated with traditional remittance services, ensuring that 95% of transactions are completed within minutes. The app provides live status updates, allowing users to follow their money's journey and receive confirmation of successful transfers. Nala also offers payment reminders to assist users in planning their payments.
Target Audience
Nala primarily targets individuals in the US, UK, and EU who regularly send money to family and friends in African countries, including Tanzania, Kenya, Nigeria, Uganda, Ghana, Rwanda, Cameroon, Cote d'Ivoire, Senegal, South Africa and Egypt.
Features
- Real-time exchange rate calculations for transparent transactions
- Two-factor authentication for enhanced account security
- Live status updates to track the money transfer process
- Payment reminders for convenient payment planning
- Integration with Google Pay and Apple Pay for seamless transactions
- Mobile money transfers with minimal fees
- Bank transfers with clearly displayed fees before completion
- Customer support available in English, Swahili, and French