Y Combinator-backed fintech startup Afriex has launched a new feature called Global Accounts that empowers individuals and businesses across Africa to seamlessly manage multi-currency accounts, making it easier than ever to receive, send, and store funds internationally.
Founded in late-2019, Afriex provides instant, zero-fee transfers to Africans at home and in the diaspora. The startup’s platform allows users to deposit cash on the app, send money to a bank account or another user, and withdraw money to a connected bank or debit card.
Based in the United States and Nigeria, the platform is already processing millions of dollars in payments each month for thousands of Africans in the diaspora and on the continent. In March 2021, Afriex raised a US$1.2 million seed funding round after taking part in Y Combinator’s Summer 2020 Cohort.
Its new Global Accounts feature allow customers to receive and hold funds in multiple currencies, including USD, GBP and EUR, all within a single, intuitive interface. This eliminates the need to maintain separate accounts and navigate the complexities of traditional cross-border payments.
“At Afriex, our mission is to unlock new economic opportunities for Africans by providing affordable, accessible, and reliable financial services,” said Tope Alabi, co-founder and CEO of Afriex. “With the launch of Global Accounts, we’re taking a significant step forward in simplifying cross-border money management and addressing a critical pain point for our users. Freelancers, remote workers, and anyone needing to receive USD directly can now receive, hold, transfer, and manage their funds seamlessly.”
