Nigerian fintech innovator Grey has forged a strategic alliance with dLocal, a prominent player in the cross-border payment sector, to facilitate its growth into new and emerging markets.
Founded in 2021 by visionaries Idorenyin Obong and Femi Aghedo, Grey has quickly become a go-to service for international money transfers, offering its users the ability to swiftly send and receive payments across borders without limitations. The company’s offerings include the provision of foreign bank accounts, instant currency exchange services, and seamless international money transfers.
Having secured a US$2 million investment in 2022 with the support of Y Combinator, Grey is on an aggressive expansion path, with Kenya serving as its gateway to the East African market.
dLocal specializes in enabling local payment transactions in fast-growing economies, bridging the gap between global merchants and consumers across continents including Africa, Asia, and Latin America. The collaboration with dLocal will empower Grey to extend cross-border payment services to wallets and bank accounts in new territories such as Brazil, Indonesia, Mexico, the Philippines, and South Africa.
This venture is set to revolutionize the payment landscape by offering instant, cost-effective transfer options and a comprehensive suite of payment solutions, thereby fostering economic development and enhancing access to financial services on a broader scale.
Idorenyin Obong, CEO and co-founder of Grey, highlighted the challenges and solutions brought by the partnership, stating;
Expanding into one country is challenging enough, not to mention several countries simultaneously. dLocal has significantly simplified the process of payments integration, navigated regulatory hurdles, and guaranteed a uniform experience across all markets. This allows us to concentrate on our core mission: to provide an inclusive and uninterrupted global banking experience to our customers.
