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Nigerian Fintech Startup Afriex Raises $1.2M Seed to Scale Its Payments Platform Across Africa

Several reports have shared just how difficult it is to send money overseas, but when the destination is Africa it can be an even bigger burden to deal with limited options, transfer fees and extended processing periods. To help resolve this issue, Lagos and San Francisco-based fintech startup Afriex — a Summer 2020 Y Combinator-backed company — launched a digital payments platform to provide instant, zero-fee money transfers to Africans at home and in the diaspora. Today, it announced a raise of a $1.2 million seed round to continue scaling its platform across the African continent, according to TechCrunch. The round was led by Pan-African VC firm Launch Africa, with participation from other investors such as Y Combinator, SoftBank Opportunity Fund, Future Africa, Brightstone VC, Processus Capital, Uncommon Ventures, A$AP Capital, Precursor Ventures, and Ivernet Holdings. Angel investors for the round included Russell Smith, Mandela Schumacher-Hodge Dixon, Furqan Rydhan, and Andrea...

Njera Perkins

Mar 23, 2021