Tanzanian fintech Nala raises $25-50M for stablecoin cross-border payments
Nala, the Tanzanian-founded fintech building stablecoin-powered cross-border payment rails, has secured up to $50 million in credit financing from private credit firm Liquidity. The facility begins with an initial $25 million tranche and can scale to $50 million or more through Mars Growth Capital, a joint venture between Liquidity and Japan-based MUFG Bank.
The funding will help Nala pre-fund transfers, expand payment corridors, and support larger enterprise clients using its infrastructure for collections and payouts. Founded in 2017 as a remittance app serving the African diaspora, Nala has expanded through Rafiki, its enterprise infrastructure platform connecting 249 banks and 26 mobile money services across 16 countries.
This reflects a broader shift in fintech financing - instead of raising fresh equity, firms are using credit facilities to avoid shareholder dilution while funding liquidity-intensive operations. Nala still holds more than half the capital from its $40 million equity raise in 2024, allowing this debt financing to fund expansion rather than support its balance sheet. Interest in stablecoin-based payment systems has grown as businesses look for faster and cheaper ways to move money across borders, with demand strongest in emerging markets like Nigeria where bank transfer delays and foreign exchange costs remain high. Will Nigerian businesses adopt stablecoin infrastructure or stick with traditional banking for cross-border payments?