Connect with us

Tech

Grey raises $2M to simplify cross-border payments across Africa

Published

on

940f8fe02cf00f254c62c2047d13874d

Grey (https://Grey.co), a fintech 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 (https://Grey.co) was founded in 2021 to empower people to live a location-independent lifestyle,” CEO of Grey, Idorenyin 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, you 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 your local currency so that you can spend it easily on the app. Grey allows users to receive foreign payments in their preferred foreign currency and withdraw directly to mobile money or their local bank account.

In addition to the funding announcement, Grey also announced Its expansion into East Africa, starting with Kenya, and partnerships with payments giant Cellulant and ed-tech leader Moringa.

Travelling to Kenya is much easier with Grey (https://bit.ly/3Q5bCyY) because you can pay vendors directly to M-Pesa. For example, suppose you’re a traveler on a trip to Nairobi. In that case, you can convert any supported currencies to Kenyan Shillings and pay for services directly to M-Pesa, or other mobile money accounts.

Grey is the easiest way to send money abroad and between African countries. The company plans to expand into more East African countries in the coming months. It has included support for Ugandan Shillings on the app, bringing the total number of supported currencies to six.

This addition means that Grey customers in Nigeria and Kenya can send money to mobile money accounts in Uganda.

The company has also privately launched Grey Business to several companies. COO Femi Aghedo says, “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 participation from Y Combinator, Soma Capital, Heirloom Fund, True Culture Fund, angel investors Alan Rutledge, Samvit Ramadurgam, Karthik Ramakrishnan, and other high-profile investors.

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 so every African can enjoy seamless cross-border payments with low fees.

Grey’s services are available in Kenya and Nigeria via the Grey website (https://Grey.co), Play Store (https://bit.ly/3Q0zcfY), and App store (https://link.grey.co/iOSapp).

Add your voice

0 comments

People reading currently

Gates Foundation, UAE deploy $200 million for climate action, food systems innovation Gates Foundation, UAE deploy $200 million for climate action, food systems innovation
Agriculture3 months ago

Gates Foundation, UAE to deploy $200 million for climate action, food systems innovation

The fund will help smallholder farmers in sub-Saharan Africa and South Asia build resilience and adaptation to climate change. The...

Climate Finance Climate Finance
Dev. Finance3 months ago

Kenya, Nigeria named as targeted countries for climate-blended finance deals

Nigeria and Kenya have been identified as the most frequently targeted countries for climate-blended finance flows in the past three...

FuturizeU supports development of innovative healthcare products in Africa FuturizeU supports development of innovative healthcare products in Africa
Social Entreprenuership6 months ago

FuturizeU supports development of innovative healthcare products in Africa

Futurize and AstraZeneca are investing in social entrepreneurs who are developing innovative products that are addressing healthcare equity and early...

Banjul International Airport in Gambia Banjul International Airport in Gambia
Dev. Finance6 months ago

Saudi Fund for Development advocates Climate Change Mitigation, Social Infrastructure Investments in Africa

  The Saudi Fund for Development (SFD) has advocated for the preservation of heritage projects in Africa through initiatives such...

Catalyst Fund Team Catalyst Fund Team
Climate & Environment6 months ago

Catalyst Fund Raises First Round of $40 million investment in African Climate Startups

The Catalyst Fund has achieved the initial close of its $40 million fund for investing in climate startups in Africa....

Paystack CEO, Shola Akinlade, buys majority stake in Aarhus Fremad Paystack CEO, Shola Akinlade, buys majority stake in Aarhus Fremad
Sports11 months ago

Paystack CEO, Shola Akinlade, buys majority stake in Aarhus Fremad

A Danish football club, Aarhus Fremad announced on Tuesday that it has sold  55 percent of its shares to the...

MRI is increasing survival rate of women with breast cancer- PPC MRI is increasing survival rate of women with breast cancer- PPC
Climate & Environment11 months ago

MRI is increasing survival rate of women with breast cancer- PPC

PPC Limited, Nigeria’s leading engineering and infrastructure development company with footprints across Nigeria’s healthcare landscape, says that the advancement of...

Adeleke versus Oyetola Adeleke versus Oyetola
Policy & Regulation11 months ago

Appeal court upholds Senator Ademola Adeleke’s win in Osun

The Court of Appeal Abuja has overturned the ruling of the Osun State Governorship tribunal and has declared Senator Ademola Adeleke...

Lawmaker demands revamp of bank e-payment platforms Lawmaker demands revamp of bank e-payment platforms
Dev. Finance11 months ago

Lawmaker demands revamp of bank e-payment platforms

The members of the House of Representatives have demanded that the Central Bank of Nigeria (CBN) direct banks to revamp...

CBN to destroy naira notes worth N6tn CBN to destroy naira notes worth N6tn
Economy11 months ago

We’ve disbursed N20bn to alleviate cash crunch, CBN tells NLC

The Central Bank of Nigeria (CBN) met with the leadership of the Nigeria Labour Congress (NLC) in Abuja on Thursday,...

Ad Blocker Detected!

Advertisements fund this website. Please disable your adblocking software or whitelist our website.
Thank You!

you're currently offline