Accel-Backed Fintech Startup Eyes $120 Million in Next Round

Nala, a cross-border payments startup backed by venture-capital funds such as Accel Partners, aims to raise around $120 million in its next financing round by selling an equity stake of between 10% and 15%.

The Tanzania-based payments company raised $40 million last year and spent it on expanding beyond Africa and building out an inter-business payment platform for the continent. It has raised a total of $50 million from backers including Y-Combinator Inc, DST Global and Acrew Capital.