November 29, 2022



Nigerian digital banking startup, Gray, raises $2m in seed spherical

Gray, a Nigerian digital banking startup, introduced on Monday that it has raised a $2 million seed spherical.

The spherical was led by participation from Y Combinator, Soma Capital, Heirloom Fund, True Tradition Fund, angel traders Alan Rutledge, Samvit Ramadurgam, Karthik Ramakrishnan, and different high-profile traders.

With the brand new funding, the startup stated it plans to launch into new markets and lengthen its product suite to each remittances, person-to-person and business-to-business funds for African cross-border funds with low charges.

Previously Aboki Africa, the start-up was launched in 2021 by Idorenyin Obong and Femi Aghedo and permits its customers to create a overseas US greenback, Nice Britain Kilos, and Euro checking account totally free, ship cash to the UK and Europe and obtain funds from over 88 nations.

The startup stated it additionally gives conversion on to its buyer’s native foreign money with the intention to spend it simply on the app.

It stated it permits its customers to obtain overseas funds of their most popular overseas foreign money and withdraw on to cellular cash or their native checking account.

Based on the startup after elevating an undisclosed quantity in pre-seed funding final yr, it, nonetheless, secured house to hitch the Y combinator winter 2022 startup batch in March.

Talking on the funding spherical in a press release, the co-founder, Idorenyin Obong, stated “We constructed Gray in 2021 to empower folks to dwell a location-independent way of life. I imagine that the least of your worries as a freelancer, distant employee, or digital nomad ought to be sending or receiving funds, so we’ve made it simple.

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“We wish to say that we’re on a mission to make worldwide funds as simple as sending an e-mail. We need to do impactful work to enhance how Africa as a continent interacts with cash throughout its borders. I’m delighted that we’ve acquired an intensive and fiercely loyal consumer base.

“With this new spherical of capital, we plan to launch into new markets and lengthen our product suite to each remittances and person-to-person and business-to-business funds so each African can get pleasure from seamless cross-border funds with low charges.”