In an early fundraising round, Grey, a fintech firm formed by two Nigerians to make it simpler for Africans to deposit and receive international funds, raised $2 million.
Soma Capital, Y Combinator, True Culture Funs, Heirloom Fund, and angel investors Alan Rutledge, Samvit Ramadurgam, and Karthik Ramakrishnan attended the seed investment round along with other well-known investors.
Customers can use Grey’s service to open virtual, free overseas bank accounts and take advantage of a straightforward foreign payment process.
According to Idorenyin Obong, Chief Executive Officer of Grey, “Grey was formed in 2021 to empower people to enjoy a location-independent lifestyle as a freelancer, remote worker, or digital nomad, “I believe that sending or receiving payments should be the least of your concerns,” and therefore, we’ve made it simple for you to do so.
When we talk about our mission, we like to say that we want to make sending emails as easy as sending money to another country. We have high hopes that we can significantly alter how the African continent engages in financial transactions involving foreign currency. I couldn’t be happier about the size and loyalty of our user base as it continues to expand.
You can use Grey to send money to the United Kingdom and Europe, open a free international bank account in US Dollars, British Pounds, and Euros, and accept payments from more than 88 countries.
The business not only offers conversion directly to your native currency but also does so to make it as easy as possible for you to make purchases through the app.
Users of Grey can accept international payments in the currency of their choice and make withdrawals directly to their local bank account or mobile money.
In addition to the funding, Grey announced that it would be expanding into East Africa, starting in Kenya, and forming partnerships with Cellulant, the world leader in payments, and Moringa, the leader in educational technology.
Idorenyin Obong, the CEO, said that they plan to grow into new markets and offer more products than just remittances with this new round of funding and also
The CEO, Idorenyin Obong, stated that with this new round of funding, they intend to expand into new markets and expand their product offering to include not only remittances but also person-to-person and business-to-business that every African can benefit from simple, affordable cross-border payments.
Kenya and Nigeria are both able to use Grey’s services.