Nigerian fintech startup Accrue has successfully raised $1.58 million in a seed funding round led by Lattice Fund, with participation from Kraynos Capital, Distributed Capital, Lava, and Maven 11. The investment aims to bolster Accrue’s payment infrastructure, expand its team, and enhance its product offerings to address critical financial needs across the continent.
Founded in 2021 by former Helicarrier employees Zino Asamaige, Adesuwa Omoruyi, and Clinton Mbah, Accrue initially launched as a platform simplifying cryptocurrency investments. However, following the cryptocurrency market downturn in 2022, the company pivoted to focus on providing cross-border payment solutions—a pressing issue for Africans seeking faster and more reliable ways to transfer money across borders.
Accrue’s cross-border payment solution leverages an agent network model, drawing inspiration from successful platforms like M-Pesa and Moniepoint. This model has proven effective in facilitating transactions, particularly in regions with limited traditional banking infrastructure. The startup claims that its system enables payments to be completed in under five minutes, offering significant convenience to its users.
Today, Accrue serves over 200,000 users across eight African countries, including Nigeria, Ghana, Kenya, South Africa, Cameroon, Uganda, Zambia, and Malawi. The company generates revenue through multiple channels, including transaction fees for selling assets or investing. For instance, users incur a penalty fee of 1.5% for stopping auto-investment plans before the maturity date. Additionally, like many fintech companies, Accrue earns revenue through the foreign exchange spreads on its transactions.
While the company has retained its crypto investment feature, it announced in 2024 that it would discontinue stock trading on the platform. This decision allows the company to focus on its core offerings, which now include enabling users to save in dollars and make online payments using virtual cards issued by Accrue.
Cross-border payments remain a significant challenge in Africa, often hindered by high costs, long delays, and limited accessibility. Startups like Accrue are addressing these pain points by leveraging stablecoins—cryptocurrencies pegged to stable assets like the US dollar—to facilitate faster and more reliable transactions. This approach circumvents the inefficiencies of traditional banking systems while providing a scalable solution for cross-border transfers.
As Accrue continues to expand its user base and refine its offerings, it positions itself as a key player in the African fintech ecosystem, addressing critical financial needs in a rapidly evolving market.
Read more on Tech Gist Africa:
Visa Invests in Nigeria’s Moniepoint to Enhance Financial Services for African SMEs
LemFi, a Nigerian fintech startup, has raised $53 million in its Series B funding round
Kredete, a Nigerian fintech startup, has secured $2.25 million in seed funding
