Grey, a fintech launched by two Nigerians to simplify the process of sending and receiving foreign payments for Africans, has raised $2 million in seed funding. The service provided by Grey lets its users have virtual international bank accounts freely and enjoy a smooth foreign payment process.
CEO of Grey, Idorenyin Obong, stated:
“Grey was founded in 2021 to empower people to live a location-independent lifestyle. 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.”
Apart from the funding announcement, Grey also stated that its expansion into East Africa, beginning with Kenya, and partnerships with ed-tech leader Moringa and payments giant Cellulant. The firm plans to grow into more East African nations in the coming months.
It has also included support for Ugandan shillings on the application, bringing the total number of supported currencies to six. That addition means that Grey clients in Kenya and Nigeria can send money to mobile money accounts in Uganda.
The firm has also privately launched Grey Business to multiple firms. COO Femi Aghedo said:
Buy Crypto Now“Sending money worldwide is not just an individual problem; it affects African businesses too. Over the last two months, we’ve onboarded several African businesses to our private beta. Honestly, when I listen to the feedback about how much we’ve simplified a previously complex process, it pushes us to do more.”
Grey’s seed funding round included the participation of Y Combinator, True Culture Fund, Heirloom Fund, Soma Capital, angel investors Samvit Ramadurgam, Alan Rutledge, Karthik Ramakrishnan, and many other high-profile investors.
Based on a statement by the CEO, Idorenyin Obong, with the latest round of capital, they want to launch into new markets and extend their product suite to feature not just remittances but also person-to-person and business-to-business payments so all Africans can enjoy smooth cross-border payments with low fees.
