Y Combinator-backed fintech startup Afriex has raised a seed funding round worth $1.2 million as it bids to scale its payments and remittances platform across Africa.

Founded in late-2019, Afriex provides instant, zero-fee transfers to Africans at home and in the diaspora. The startup’s platform allows users to deposit cash on the app, send money to a bank account or another user, and withdraw money to a connected bank or debit card.

Sending money overseas is still slow and ex...