African Fintech Afriex Launches New Global Accounts Feature to Power Cross-Border Payments

Y Combinator-backed fintech startup Afriex has launched a new feature called Global Accounts, allowing 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, African provides instant, fee-free transfers to Africans at home and in the diaspora. The startup’s platform allows users to deposit money into the app, send money to a bank account or another user, and withdraw money to a linked bank or debit card.

Sending money abroad is still slow and expensive. Afriex solves this problem by buying cryptocurrency in one country and selling it in another to offer better exchange rates and faster transfers than banks or other transfer services.

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 across the continent. As of March 2021, Afriex raises $1.2 million in seed funding after taking part in Y Combinator’s 2020 summer cohort.

Its new Global Accounts feature allows 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 accessible, affordable, and reliable financial services,” said Tope Alabi, co-founder and CEO of Afriex. “With the launch of Global Accounts, we are taking a significant step forward in simplifying cross-border money management and addressing a pain point for our users. Freelancers, remote workers, and anyone who needs to receive USD directly can now receive, hold, transfer, and manage their funds seamlessly.”

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