Nigerian Fintech Grey Raises $2M, Expands To Kenya

Grey, a Nigerian fintech created to simplify sending and receiving foreign payments for Africans, has raised $2 million in seed funding.

Founded in 2021, Grey enables its customers to have virtual international bank accounts for free and enjoy a seamless foreign payment process. Users 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.

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.

AIdorenyin Obong, Grey CEO said 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.

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.

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.”