Afriex Inc

Born from the personal frustrations of its founders, Afriex emerged in 2019 as a solution to a problem many in the diaspora face: sending money back home should be as simple as sending a text message. Tope Alabi, a Nigerian immigrant who grew up in the United States, experienced firsthand the exorbitant fees and slow processing times of traditional remittance services. While traveling in Africa in 2019, he found himself needing to access funds from his US bank account and was struck by the inefficiency of the existing systems. This personal pain point became the catalyst for change. Teaming up with co-founder John Obirije, Alabi set out to build a better way, leveraging the power of technology to create a more equitable financial landscape.

What began as a simple MVP for friends and family quickly gained traction. The core of Afriex's innovation lies in its use of blockchain technology. By buying cryptocurrency in one country and selling it in another, Afriex is able to offer superior exchange rates and near-instantaneous transfers, a stark contrast to the days-long waits and hefty fees charged by incumbent players. This disruptive approach caught the eye of investors, and after graduating from the prestigious Y Combinator accelerator in the summer of 2020, Afriex secured a $1.2 million seed round in 2021. This was followed by a significant $10 million Series A funding round in 2022, led by prominent investors, which valued the company at $60 million. This infusion of capital has fueled Afriex's rapid expansion, growing from its initial markets of the US and Nigeria to include Ghana, Kenya, Uganda, and a growing number of countries in Africa and beyond. With a mission to make wealth universally accessible, Afriex is not just a money transfer app; it's a fintech pioneer building a global payment network to empower individuals and businesses worldwide.