March 24

Afriex Raises $1.2 Million Seed to Scale Its Payments and Remittances Platform Across Africa

By Tage Kene-Okafor

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.

Source: TechCrunch (link opens in a new window)

financial inclusion, fintech, remittances