Nigerian fintech Grey raises $2m to simplify cross-border payments across Africa

Nigerian fintech startup Grey, which simplifies the sending and receiving of foreign payments for Africans, has raised US$2 million in seed funding to further its expansion plans.

Launched in 2021 by Idorenyin Obong and Femi Aghedo, who wanted to help Nigerians easily exchange to local currency and access the foreign currencies in their accounts, Grey offers an international money transfer service that enables its users to send and receive international payments without restrictions quickly. Its products include foreign bank accounts, instant currency exchange, and international money transfers.

Read:  Audiomack partners with Ziiki Media to fund promotions for African artistes.

The Y Combinator-backed fintech startup recently expanded its services into East Africa, kicking off with Kenya, and now plans further growth in the region after raising cash from Y Combinator, Soma Capital, Heirloom Fund, True Culture Fund, angel investors Alan Rutledge, Samvit Ramadurgam, Karthik Ramakrishnan, and other high-profile investors.

The company plans to expand into more East African countries in the coming months. It has included support for Ugandan Shillings on the app, bringing the total number of supported currencies to six. This addition means that Grey customers in Nigeria and Kenya can send money to mobile money accounts in Uganda.

Read:  Infinix launches infinix Zero X and Zero X Pro today with TY Bello, George Okoro, and Alex Ekubo in attendance.

The company has also privately launched Grey Business to several companies.

“Grey was founded in 2021 to empower people to live a location-independent lifestyle,” said CEO Idorenyin Obong. 

“I believe that the least of your worries as a freelancer, remote worker, or digital nomad should be sending or receiving payments, so we’ve made it easy. We like to say that we’re on a mission to make international payments as easy as sending an email. We want to do impactful work to improve how Africa as a continent interacts with money across its borders. I am delighted that we’ve acquired an extensive and fiercely loyal user base.”

Read:  Venture capital firm HAVAÍC invests $400,000 in Nigeria’s ShopEx.

Source: disrupt-africa

Related posts

SME: Ecobank moves into top five ranking


NIRSAL Boost Nigeria’s Cocoa Export With N1.15bn Credit Guarantee.


Nigerian startup MePlaylist secures investment from Beyonce’s father


Igbo Apprenticeship System passes first phase of editorial work at Harvard.


Meet the 30 leading African startups in healthcare supply chains selected by Investing in Innovation (i3) for their new $7 million fund.


Tech entrepreneur, Favour Ori breaks record in Rwanda.


Leave a Comment