Nigerian Blockchain Remittance Platform Afriex Raises $10M in Series A Funding

Trending 3 weeks ago 5

Nigerian fintech startup Afriex has closed a $10 cardinal successful a Series A circular for a $60 cardinal valuation.

Afriex has raised a full of $1.3M successful backing implicit 3 effect rounds. Investors successful this Series A financing, including Sequoia Capital China and Dragonfly Capital, Golden Tree Capital, Stellar Foundation and Excellent Capital.

Tope Alabi, co-founder and CEO of Afriex, wants Afriex to supply a spot for radical successful Africa to support their money.

Tope Alabi added that:

“We are gathering this web of connected fiscal institutions, we person built on-ramps for section Nigerian banks and on-ramps for section currency exchanges .We are gathering this web3 mesh of fiscal institutions that could astir go thing similar the adjacent Visa.”

Afriex, founded successful 2019, is simply a pioneering level that allows its users to nonstop and person wealth to anybody astir the globe by utilizing stablecoins to connection the fastest and cheapest remittance work to implicit 30 countries astir the world. The institution provides work areas successful Nigeria and aboriginal expands to African countries specified arsenic Uganda, Kenya, and Ghana.

Although Afriex's existent transaction measurement is lone astir $5 cardinal compared to different fiscal remittance companies specified arsenic Wise, which transfers an mean of £4 cardinal ($5.2 billion) per month, the maturation of customers maintains affirmative and accelerated implicit the past six months. In 2018, the lawsuit basal has expanded 5 times.

As reported by, Nigeria’s Ministry of Finance has collaborated with the Securities and Exchange Commission (SEC), the nation’s superior marketplace watchdog, to supply a caller regulatory situation to boost adoption successful the blockchain and crypto space.

Image source: Shutterstock