Participated · Seed · Mar 2021

Afriex, founded in 2019 by Tope Alabi and John Obirije, provides instant, zero-fee cross-border transfers for Africans at home and in the diaspora. The startup uses stablecoins — buying cryptocurrency in one country and selling it in another — to offer faster transfers and better exchange rates than traditional remitters. Users can deposit cash on the app, send money to bank accounts or other users, and withdraw to connected banks or debit cards. While graduating from Y Combinator (Summer 2020) it reported processing about $500,000 per month in transaction fees and being used in more than 30 countries; after launching operations in Ghana, Kenya and Uganda it says it is now processing millions of dollars each month. On its website Afriex lists send/receive corridors including Nigeria, Ghana, Kenya, Canada and the U.S. With the new investment the company plans to grow the team and expand into additional markets.