Grey, a FinTech started to simplify sending and receiving foreign payments for Africans, has raised US$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.
“Grey was founded in 2021 to empower people to live a location-independent lifestyle,” said CEO of Grey, Idorenyin Obong. “We want to do impactful work to improve how Africa as a continent interacts with money across its borders.”
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 Cellulant and EdTech leader Moringa.
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.
The company has also privately launched Grey Business to several companies. Femi Aghedo, COO, Grey, said: “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.”
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 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 every African can enjoy seamless cross-border payments with low fees.