Fintech startup, Grey has raised $ 2 million in a seed funding round with participation from Y Combinator, Soma Capital, Heirloom Fund, True Culture Fund, angel investors Alan Rutledge, Samvit Ramadurgam, Karthik Ramakrishnan, and other high-profile investors.
Launched in 2021 by Idorenyin Obong and Femi Aghedo, Grey enables its customers to have virtual international bank accounts for free and also enjoy a seamless foreign payment process.
The fintech startup will deploy the new round of capital into launching into new markets and extending its product suite to both remittances and person-to-person and business-to-business payments so every African can enjoy seamless cross-border payments with low fees.
“We built Grey in 2021 to empower people to live a location-independent lifestyle. 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,” said the founders.
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 fintech also offers conversion directly to your local currency so that you can spend it easily on the app. Grey allows its users to receive foreign payments in their preferred foreign currency and withdraw directly to mobile money or their local bank account.
The company expanded its offerings into East Africa in May starting with Kenya forging partnerships with payments giant Cellulant and ed-tech leader Moringa. Grey provides a very easy 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 also 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.
“We’ve also privately launched Grey Business for several companies. 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 we listen to the feedback about how much we’ve simplified a previously complex process, it pushes us to do more,” the company said.
