This article is from bitcoinke.io and the original article can be read here
Nigerian Fintech startup, Afriex, has closed a $10 million Series A round to expand its blockchain money transfer platform.
The latest raise comes about one year since the startup raised a $1.3 million seed round in May 2021. Afriex was founded in 2019 by Tope Alabi and John Obirije.
Valued at $60 million, Afriex runs a money transfer system that utilizes blockchain to enable users to send funds by converting them into stablecoins. This process makes the transaction free and quicker than an existing service like TransferWise which charges a 6.45% fee and can take a few days to process.
The financing was co-led by Sequoia Capital China and DragonFly Capital. In total, the following investors participated in the round:
- Sequoia Capital China
- DragonFly Capital
- Goldentree
- Stellar Foundation
- Exceptional Capital
DragonFly Capital Managing Partner, Haseeb Qureshi, praised the team behind the startup for mounting an effective way to begin the business:
“A big strength of the company is being able to straddle the entire corridor between the U.S. and Africa where many others have tried to succeed and haven’t.
The reality is that if you want to succeed in emerging markets, you need a really strong ground game.”
– Managing Partner, DragonFly Capital
While Afriex is currently just focused on its core money transfer product, Alabi has ambitious goals for the platform. He hopes to use it to launch a stablecoin and has already inked a partnership with Visa to offer Afriex users credit and debit cards later this year.
In addition, Alabi hopes Afriex will be able to give people in Africa a place to store their money that doesn’t fluctuate or get impacted by external forces as much as the current currencies do.
______________________________________________________________________
RECOMMENDED READING: African Blockchain-based Money Transfer Service, Transfy, Set to Go Continental After a Sucessful First Year
______________________________________________________________________
Thank you for your support by helping us create content:
BTC address: 3CW75kjLYu7WpELdaqTv722vbobUswVtxT
ERC20 Address: 0x03139524428e40E31f13909f8D994C915FB91277
SOL address: 9cC65AWFHj848kntcoyiT8av3jiRQEqyTTmBR1GvVUb
____________________________________________________________________
Follow us on Twitter for the latest posts and updates
Join and interact with our Telegram community
_____________________
Subscribe to our YouTube channel below for more updates:
_____________________________________________________________
Related
