Grey raises $2m to simplify cross-border payments across Africa
Grey, a fintech company started by two Nigerians to simplify sending and receiving foreign payments for Africans, has raised $2 million in seed funding. The service offered by Grey enables its customers to have virtual international bank accounts for free and enjoy a seamless foreign payment process.
Grey’s seed funding round included participation from Y Combinator, Soma Capital, Heirloom Fund and True Culture Fund. According to the CEO, Idorenyin Obong, with this new round of capital, they plan to launch into new markets and extend their product suite to include not just remittances but also person-to-person and business-to-business payments.
“Grey was founded in 2021 to empower people to live a location-independent lifestyle,” Obong says. “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.”
On Grey, users can create a foreign USD, GBP, and EUR bank account for free, send money to the UK and Europe, and receive payments from over 88 countries. The company also offers conversion directly to local currency.
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