Grey, 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 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 because you can pay vendors directly to M-pesa.
For example, suppose you’re a traveller 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.
Techbuild’s take
One reason firms across the continent prefer the usd to pay one another instead of local currencies is the lack of currency interoperability.
This issue is being addressed by platforms like Verto, a worldwide B2B payments network that enables African firms to send and receive money internationally using multicurrency wallets.
This one-year-old fintech company wants to break into the market with its Grey Business product by giving micro and small enterprises an affordable way to send and receive local currencies across the continent.
For the past two months, Grey Business has been in its beta retesting phase; the seed financing will aid in its public launch in Nigeria and Kenya.
Featured Image: Idorenyin Obong, Chief Executive Officer, Grey (Left) and Femi Aghedo, Chief Operating Officer, Grey (Right)
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