What is Afriex?
Founded in 2019, Afriex is a payments processing company operating across the United States and Nigeria. The company's core offering enables users to send and receive money to and from Africa without incurring any fees. This innovative approach positions Afriex to disrupt traditional remittance markets by providing a cost-effective and accessible financial service.
How much funding has Afriex raised?
Afriex has raised a total of $11.2M across 2 funding rounds:
Angel/Seed
$1.2M
Series A
$10M
Angel/Seed (2021): $1.2M with participation from Launch Africa, Future Africa, Y Combinator, and SoftBank Opportunity Fund
Series A (2022): $10M led by Dragonfly Capital, Stellar Foundation, Goldentree, and Sequoia Capital China
Key Investors in Afriex
Launch Africa
Launch Africa provides resources and information aimed at supporting entrepreneurs and startups in Africa, focusing on delivering valuable insights and tools to help businesses grow and succeed.
Future Africa
Future Africa is a collaborative platform at the University of Pretoria focused on empowering innovation and addressing Africa's most pressing challenges through transformative research, aiming to develop leadership capabilities and foster global partnerships.
Y Combinator
Y Combinator is a renowned startup accelerator that provides seed funding and mentorship to early-stage companies, helping them to validate their business models and attract further investment.
What's next for Afriex?
With the recent major strategic investment, Afriex is poised for significant expansion and enhancement of its payment processing capabilities. This capital infusion is expected to fuel further development of its platform, potentially broadening its reach within Africa and beyond. The company's focus on zero-cost transactions suggests a strategy aimed at rapid user acquisition and market penetration, challenging established players in the cross-border payment space.
See full Afriex company page
