NAIROBI, Kenya, May 11 – Nigerian fintech startup Grey has picked Kenya as its East African hub as it expands its operations into the larger East African market.
The expansion comes after the firm raised Sh273.8 million from investors.
Investors included Y Combinator, Soma Capital, Heirloom Fund, True Culture Fund, angel investors Alan Rutledge, Samvit Ramadurgam, Karthik Ramakrishnan, and other high-profile investors.
With over 300,000 users, the platform has gone live in the country as well as Tanzania.
It will also see expansion opportunities in Uganda and Rwanda soon.
Grey Chief Executive Officer (CEO) AIdorenyin Obong says the Nairobi office will help the firm navigate into the bigger East African Community (EAC).
“Kenya’s Diaspora remittance is very vibrant as remittance inflows to Kenya have increased tenfold in the last 15 years reaching an all-time record of USD 3,718 million in rv,” Obong said.
“This phenomenal growth points to the importance of remittances as a source of foreign exchange to the country, equivalent to more than 3 percent of Kenya’s GDP,” he added.
A World Bank report that was released last year ranked Kenya among Africa’s top three recipients of diaspora remittances, behind Nigeria and Ghana.
“More Kenyans are working remotely for companies abroad where payments tend to be tedious and expensive,” Obong stated.
“Our solution allows African Freelancers to have foreign accounts and seamlessly receive money worldwide and be globally competitive.”
Founded in 2021, Grey, a Y-combinator-backed fintech startup, offers an international money transfer service that enables its users to send and receive international payments quickly and without restrictions.
It enables its customers to have virtual international bank accounts and cards for free and enjoy a seamless foreign payment process.
Users 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.
Last year, the tech firm partnered with Cellulant to be the company’s payments processor, powering its customers, and Moringa School to increase awareness and empower digital nomads on financial literacy in collaboration with Safaricom, Antler, and Nairobi Garage.
The company has also privately launched Grey Business, a borderless business banking service for startups where they can get instant international payments and currency conversions for their businesses.
Companies can also open US Bank accounts online with no minimum balance, monthly fees, or hidden fees.
The company also offers conversion directly to local currencies.
Likewise, it lets users receive foreign payments in their preferred foreign currency and withdraw directly to mobile money or their local bank account.
