Nigerian Fintech Startup Afriex Raises $10 Million For Its Blockchain Money Transfer Platform
April 25, 2022
When Tope Alabi moved back to Nigeria in 2019 after 20 years in the U.S., he knew he wanted to start a company applying what he learned working at blockchain consultant Consensys. He and future cofounder John Obirije started testing a number of ideas ranging from a hip hop chat bot to a trivia game — all of which failed. But they realized throughout the trial and error that they consistently ran into the same problem: trying to pay business expenses for the various upstarts with money tied up in bank accounts in the U.S. Forbes
Afriex raises $1.2M seed to scale its payments and remittances platform across Africa
March 23, 2021
Sending money from the U.S. to Nigeria can be a painstaking process. For remittance platforms like Western Union, it will cost a transfer fee and take between one to five business days for money sent from a U.S. debit card to enter a Nigerian bank account.
Crypto remittance platforms are rising to the challenge of fixing these cross-border payment issues by reducing time and fees. Just yesterday, we talked about Flux, a Nigerian fintech solving this problem in the present YC W2021 batch. Today, another YC-backed startup, Afriex — but from the Summer 2020 batch — is raising a $1.2 million seed round. TechCrunch
Return to Companies