NALA Turns to Debt Financing Amidst Surging Stablecoin Payments

Tanzanian fintech startup NALA has secured a $25 million credit facility from Liquidity, with an option to expand to $50 million. This marks a strategic shift for the company as it navigates rapid growth fueled by increasing stablecoin payment adoption.

The deal, arranged through Mars Growth Capital (a joint venture between Liquidity and MUFG Bank), provides NALA with additional working capital to meet customer demand without diluting equity ownership. The fintech still holds over half of its $40 million Series A funding from mid-2024.

From Remittance App to Payments Infrastructure Provider

What began as a remittance app has evolved into a stablecoin payments infrastructure company serving businesses and consumers across multiple continents. This transformation reflects a broader trend in the payments market where stablecoin usage, particularly for B2B transfers, has surged—reaching over $30 billion in monthly volumes by early 2026 (according to Artemis Analytics and McKinsey).

“This facility acts as a relief valve,” explained NALA founder and CEO Benjamin Fernandes. “We were growing so fast that our funding structure couldn’t keep pace with payment demands across various corridors.”

Rapid Growth Metrics

Key highlights of NALA’s recent performance:

• Rafiki (its infrastructure brand) processed $1 billion in transaction volume from zero in just 18 months
• Business grew 5x year-over-year, with revenue increasing by 10x
• Supports over 249 banks and 26 mobile money services across 16 countries

Strategic Rationale for Debt Financing

The decision to raise debt rather than equity reflects a company that has matured from concept to scalable infrastructure. While equity helps build the foundation, debt becomes more efficient when transaction volumes accelerate beyond settlement cycles.

“We’re fortunate to have strong equity backing,” Fernandes noted. “But as we scale, credit allows us to support customer growth without further dilution.”

NALA’s journey highlights how fintechs can evolve from funded startups to capital-efficient operators once they establish clear pathways to sustainable revenue.