Nigerian fintech Grey received $2 M to facilitate cross-border payments in Africa
Grey, a Nigerian fintech firm that makes it easier for Africans to send and receive international money, has acquired US $2 million in initial capital to support its growth objectives.
Idorenyin Obong and Femi Aghedo founded Grey in 2021 with the goal of making it simple for Nigerians to access their foreign currency holdings and convert them to local currency. Grey provides an international money transfer service that enables users to send and receive payments internationally without delays. International money transfers, rapid currency conversion, and overseas bank accounts are some of its goods.
After receiving funding from Y Combinator, Soma Capital, Heirloom Fund, True Culture Fund, angel investors Alan Rutledge, Samvit Ramadurgam, Karthik Ramakrishnan, and other notable investors, the Y Combinator-backed fintech startup recently expanded its services into East Africa, starting with Kenya. The company now plans further growth in the region.
The organization hopes to expand into other East African nations in the following months. Ugandan Shilling support has been added to the app, increasing the total supported currencies to six. With this feature, grey clients in Kenya and Nigeria may now transfer funds to mobile money accounts in Uganda.
Additionally, the business discreetly introduced Grey Business to a number of businesses.
“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.”
