Founded in July 2020 by Idorenyin Obong and Femi Aghedo, Grey provides USD, GBP and EUR virtual bank accounts that allow users in Nigeria and Kenya to receive payments from over 88 countries, convert funds into local currencies (naira or Kenyan shillings) and withdraw to mobile money or bank accounts. The platform also supports payouts in Ugandan shillings and plans to launch in Tanzania soon, bringing the total supported currencies to six. Grey claims about 100,000 individual users, with transaction volumes up 200% since the start of the year. In addition to its consumer product, the company has privately piloted Grey Business, which targets micro and small enterprises needing cheaper intra-African transfers. The seed financing will help publicly launch Grey Business across Nigeria and Kenya while continuing regional expansion. Grey positions itself as a solution to the interoperability gaps between African currencies, aiming to make international payments “as easy as sending an email.”

Total raised

$2M

Funding rounds

2

Latest round

Seed

Latest activity

Aug 2022