Digital banking startup, Grey, raises $2 million in seed round. With the new funding, the startup said it plans to launch into new markets and extend its product suite to both remittances, person-to-person, and business-to-business payments for African cross-border payments with low fees. Formerly Aboki Africa, the start-up was launched in 2021 by Idorenyin Obong and Femi Aghedo and allows its users to create a foreign US dollar, Great Britain Pounds, and Euro bank account for free, send money to the UK and Europe and receive payments from over 88 countries. The startup said it also offers conversion directly to its customer’s local currency so that you can spend it easily on the app.
The startup also expanded into East Africa, starting with Kenya, and partnerships with payments giant Cellulant and ed-tech leader Moringa. Travelling to Kenya is much easier with Grey because you can pay vendors directly to M-pesa. The company has onboarded several African businesses to the private beta.