Nigerian fintech Grey raises $2 million to improve cross-border payments in Africa

Grey, a Nigeria-based fintech that is enabling cross-border payments for freelancers in Africa has raised $2 million in seed funding, to expand its facilitation of international payments in the region.

• Grey is a fintech startup that started as an instant exchange service for Nigerians to exchange foreign currencies in their domiciliary accounts for local money (Naira). It provides virtual international accounts for freelancers and gig workers in Africa.
• Founded in 2020, the fintech recently expanded into the East African region, via partnerships with Cellulant, a payment company and Moringa an edtech startup in Kenya. Grey is enabling cross-border payments for freelancers in Nigeria and Kenya and users can receive foreign payments in USD, EUR, and GBP, from 88 countries through its platform.
• Users on Grey can also send money to the UK and Europe. The startup is looking to expand to Uganda and Tanzania soon. With about 100,000 users on its platform, the fintech claims to be recording a 200% increase in transaction volumes.
• It recently launched Grey Business, a product that provides cheaper options to send and receive local currencies within the continent, especially for SMEs. This is targeted at improving cross-transactions among African currencies and businesses.
• Y Combinator, Soma Capital, Heirloom Fund, True Culture Fund, and business angels like Alan Rutledge, Samvit Ramadurgam, and Karthik Ramakrishnan invested in the round.