Grey, a fintech company founded by two Nigerians to make it easier for Africans to send and receive foreign funds, has secured $2 million in a seed funding round.
Y Combinator, Soma Capital, Heirloom Fund, True Culture Fund, angel investors Alan Rutledge, Samvit Ramadurgam, and Karthik Ramakrishnan, as well as other well-known investors, participated in the seed funding round.
With the assistance of the service provided by Grey, customers can open virtual, free international bank accounts and take advantage of a simple foreign payment process.
According to Idorenyin Obong, CEO of Grey, “Grey was formed in 2021 to empower people to enjoy a location-independent lifestyle. “I think that as a freelancer, remote worker, or digital nomad, sending or receiving funds should be the least of your concerns, so we’ve made it simple. We like to claim that our goal is to make sending emails as simple as sending money internationally. We hope to make a significant difference in how the continent of Africa interacts with foreign exchange. I’m thrilled that our user base has grown to be so big and devoted.
You may send money to the UK and Europe using Grey, open a free international USD, GBP, and EUR bank account, and accept payments from more than 88 nations.
In order to make it simple for you to spend money on the app, the company also provides conversion directly to your local currency.
Users of Grey are able to accept international payments in the currency of their choice and make withdrawals right to their local bank account or mobile money.
In addition to the funding, Grey also disclosed its expansion into East Africa, commencing in Kenya, and relationships with the world leader in payments, Cellulant, and the pioneer in educational technology, Moringa.
With this feature, Grey clients in Kenya and Nigeria can now transfer funds to mobile money accounts in Uganda.
Idorenyin Obong, the CEO, stated that they intend to expand into new markets with this new round of funding and expand their product offering to include not only remittances but also person-to-person and business-to-business payments so that every African can take advantage of simple, affordable cross-border payments.
The services of Grey are accessible in Kenya and Nigeria.
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Pastel, a bookkeeping and customer relationship management platform based in Nigeria, raises $5.5 million in seed funding
Moove, a Nigerian mobility fintech startup, has raised $20 million in funding from British International Investment