African Startup Afriex Grows 500% in 6 Months After $10M Fund

African Startup Afriex Grows 500% in 6 Months After $10M Fund
  • Afriex offers faster, and less expensive foreign payments for Africans.
  • The firm was launched back in 2019 by its Co-founder, Tope Alabi.
  • Tope has already signed a deal with Visa to provide Afriex customers with credit and debit cards.

Amid a sporadic growth of fintech companies targeting unbanked consumers in Africa, fintech startup Afriex has grown by 500% six months after it closed a $10 million Series A funding round at a $60 million valuation. 

According to Forbes,  at least half of Afriex’s customers use the platform more than once a week.

At the helm of Afriex is Tope Alabi, the former blockchain consultant at ConsenSys. Alabi explained that he launched the service back in 2019 and its traction was so instant. 

He said:

“I don’t know if it was the pandemic but we really started growing fast.”

The service began by concentrating on Nigeria and has subsequently spread to other countries in Africa such as Ghana, Kenya, and Uganda.

Haseeb Qureshi, the Managing Partner of Dragonfly Capital, said he first encountered Alabi while serving as a mentor at an Andreessen Horowitz-run program for crypto startups. He had Alabi on his crew.

He claims to have been quite pleased by Alabi and Afriex, but he decided not to participate in the seed round because he was unsure about how it would expand after seeing other founders attempt and fail to create cryptocurrency businesses with an eye on Africa.

But after observing the success of the business, he believed Afriex could have discovered the secret. “The company’s ability to span the whole corridor between the US and Africa, where many others have attempted to succeed but have failed, is a major strength,” Haseeb added.

While Alabi has big plans for the platform, Afriex is presently just focused on its primary money transfer offering. He has already signed a deal with Visa to provide Afriex customers with credit and debit cards later this year and plans to utilize it to establish a stablecoin.

disclaimer read more

Crypto News Land ( , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer