By YANGE IKYAA
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.
The company is simplifying sending and receiving foreign payments for Africans. Co-founded by Idorenyin Obong and Femi Aghedo in 2021, it is the easiest way to send and receive international payments without restrictions. Its services are available in Kenya and Nigeria via the Grey website, App store, and Play Store. Aboki Africa Incorporated, a company duly incorporated under the laws of Delaware, USA is the provider of Grey’s services.
It currently offers United States Dollar (USD), British Pound (GBP), and Euro (EUR) foreign accounts to customers in Nigeria and Kenya. With Grey, you can send money to Europe and the UK and receive money from the US, Europe, and the UK. The fintech firm is licensed as a Money Service Business by FINTRAC in Canada and FinCEN in the USA.
“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, Cellulan,t and ed-tech leader, Moringa. The service offered by Grey enables its customers to have virtual international bank accounts for free and enjoy a seamless foreign payment process.
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 now said to be 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 said “sending money worldwide is not just an individual problem; it affects African businesses too. Over the last two months, we’ve on-boarded 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 company’s 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 that every African can enjoy seamless cross-border payments with low fees.
The service offered by Grey enables its customers to have virtual international bank accounts for free and enjoy a seamless foreign payment process.
