Nigerian fintech startup Afriex raises $10 million

Techloy -

Afriex, a Nigerian-based fintech startup that operates a blockchain money transfer platform, says it has raised $10 million from Sequoia Capital China and Dragonfly Capital with participation from Goldentree, Stellar Foundation, and Exceptional Capital.

  • Launched in 2019, Afriex claims that it processes more than $5 million in monthly transfers, and has grown its customer base by 500% in the last six months.
  • The company raised a $1.3 million seed round last May, and with its latest funding bringing its total amount raised to $11.3 million, at a valuation of $60 million, according to Forbes.
  • Afriex plans to launch a stablecoin and is currently in talks with Visa to offer Afriex users credit and debit cards later this year.