Global stablecoin payments infrastructure company NALA has secured an initial $25 million credit facility from AI-driven private credit provider Liquidity, a move set to fuel its international expansion. This financing, arranged through the Mars Growth Capital joint venture with MUFG Bank, includes an option to scale to at least $50 million. The capital is earmarked to provide crucial working capital, enabling NALA to pre-fund customer accounts and sustain its rapid growth in connecting global businesses with emerging markets.
Addressing Growth-Induced Challenges
NALA's recent growth has been so substantial that it began to strain its operational capacity, a challenge the new financing directly addresses. Founder and CEO Benjamin Fernandes described the situation as growing faster than the company could handle, with payment volumes doubling quarterly and outpacing its ability to pre-fund transactions. This rapid expansion led to operational bottlenecks, making the flexible capital from Liquidity a critical lifeline for managing its success and unlocking its next growth phase.
Strategic Financing Over Equity
The decision to pursue debt financing was a deliberate strategic move by NALA's leadership to preserve equity and shareholder value. The company confirmed it still holds over half of the $40 million raised in its 2024 Series A round, placing it in a strong equity position. This new credit facility from Liquidity allows NALA to access necessary working capital for its operational needs without accelerating shareholder dilution, a key consideration for its long-term vision.
Powering Global Payments with Rafiki
At the heart of NALA's expansion is its B2B payments platform, Rafiki, which has seen remarkable growth since its launch in March 2024. The platform scaled from zero to $1 billion in transaction volume within just 18 months, serving as a single API for clients seeking access to emerging markets. Enterprise partners like MoneyGram and TransferGo leverage Rafiki to connect to 249 banks and 26 mobile money services across 16 countries.
A Market Shift Towards Stablecoins
This financing arrives as the global payments landscape increasingly shifts towards stablecoin-based settlement for its efficiency and speed. Industry data indicates that B2B stablecoin payments have grown sixfold in eighteen months, with monthly volumes now exceeding $30 billion and total stablecoin volume surpassing traditional card networks. NALA is positioning itself to capture this demand by combining stablecoin settlement with deep integration into local payout rails in underserved markets.
Future Outlook and Competitive Landscape
The new capital will be immediately deployed to pre-fund larger enterprise accounts and onboard new clients scheduled to go live in the second half of 2026. However, NALA operates in an increasingly competitive and complex environment, facing pressure from other well-funded stablecoin infrastructure providers. The company must also navigate the evolving digital asset regulations across its diverse operational markets in Africa and Asia to maintain its compliance-focused approach.
Ultimately, the $25 million credit facility from Liquidity provides NALA with the necessary resources to overcome its growth-related operational hurdles and scale effectively. This strategic financing empowers the company to meet accelerating enterprise demand, expand its payment corridors, and solidify its role in the global payments ecosystem. It marks a significant validation of NALA's vision as it continues to build the financial rails connecting emerging markets to the global economy.