Grey has announced it had closed $2 Million in seed funding. The fintech which was started by two Nigerians currently operates in Nigeria and Kenya. It offers customers virtual bank accounts for free, and allows them to enjoy seamless foreign payments.
The funding round included participation from Y Combinator, Soma Capital, Heirloom Fund, True Culture Fund, angel investors Alan Rutledge, Samvit Ramadurgam, Karthik Ramakrishnan, and other high-profile investors.
Grey fintech recently expanded into Kenya partnering with Cellulant and Moringa. According to the CEO, Idorenyin Obong, with this new round of capital, they plan to launch into new markets and extend their product suite to include not just remittances but also person-to-person and business-to-business payments so every African can enjoy seamless cross-border payments with low fees.
The fintech, which plans on expanding to more countries in East Africa, has included support for Ugandan Shillings on the app, bringing the total number of supported currencies to six. This addition means that Grey customers in Nigeria and Kenya can send money to mobile money accounts in Uganda.
On Grey, you can create a foreign USD, GBP, and EUR bank account for free, send money to the UK and Europe, and receive payments from over 88 countries. The company also offers conversion directly to your local currency so that you can spend it easily on the app. Grey allows users to receive foreign payments in their preferred foreign currency and withdraw directly to mobile money or their local bank account.