The company announces new payout support in multiple countries, serving a wider audience of digital nomads as it expands its services and operations to Latin America and Southeast Asia.
San Francisco, California | July 22, 2024 – Y Combinator alum Grey, a B2C cross-border payments startup founded in 2020, is expanding its services and operations to Latin America (LATAM) and Southeast Asia (SEA). This move allows them to tap into these regions’ growing digital payments market and cater to a broader audience of location-independent individuals.
Grey has already established itself in Africa, its initial home market, by facilitating global money transfers through foreign bank accounts for its core demographic. Since its inception, the company has raised $2 million in seed funding and successfully helped nearly 1 million users navigate the complexities of international payments. This achievement is even more remarkable considering the fiercely competitive landscape.
On July 16, 2024, Grey announced its official entry into LATAM and SEA and additional payout support options across its existing network of 80+ countries. Notably, the company is now offering USDC payouts. Users can leverage the Ethereum or TRON network to send USDC directly to external wallet addresses.
This expansion presents a significant opportunity for financial inclusion, particularly in LATAM, where roughly 70% of the population remains unbanked. Grey aims to bridge this gap by providing accessible financial solutions.
“Our primary goal in Latin America and Southeast Asia is to revolutionize the market with a product that is more open, more digital, and more inclusive,” Grey’s Co-founder and Chief Executive Officer Idorenyin Obong said in a statement. “We hired and invested in talents from Latin America during our expansion planning stages to help understand the market nuances because meeting our users’ needs, irrespective of the countries they reside in, will primarily remain the driving force in our business.” Obong further emphasized the potential in Southeast Asia, highlighting the opportunity to offer innovative solutions for managing personal finances in the digital age.
Grey has established a presence in key markets like the US, the UK, and Europe. Over the past four years, the company has consistently enhanced its services to empower digital nomads worldwide, regardless of location. Their offerings include multi-currency accounts, low-cost international money transfers, a Mastercard virtual USD card, expense management tools, and robust security measures.
“Our vision is to build a company that reflects the global nature of our business and caters to the diverse needs of our users,” said Joseph Femi Aghedo, Grey’s Co-founder and COO. “With our growing international presence and talented global team, we’re dedicated to driving financial inclusion and economic empowerment for digital nomads everywhere.”
Grey’s expansion into LATAM and SEA positions the company to become a significant player in the global fintech landscape, offering innovative financial solutions for a growing workforce segment.
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About Grey
Grey is at the forefront of providing secure and convenient global banking solutions to meet the needs of customers and businesses. With a Money Service Business license from FINTRAC in Canada and FinCEN in the USA, Grey, whose primary focus is emerging markets, has created a range of services that enable individuals and businesses to own and manage their foreign bank accounts easily, including currency exchange and access to virtual cards. Grey Inc., a company duly incorporated under the laws of Delaware, USA, is the provider of Grey’s services.
For more information about Grey, visit www.grey.co
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