AfriEx

Fintech | Nigeria

AfriEx makes it easy for Africans in diaspora to send money home

What they do:

Afriex uses stable coins to offer the fastest and cheapest remittance service to 30 countries around the world including US, Europe, and Africa.

Why we invested:

A compelling product that solves many of the pain points experienced by Africans in remittances, including

  • Difficulty to pay and receive money internationally in Nigeria

  • Currency controls that mean one cannot make large transfers internationally

  • Long transaction times with banks (up to seven days)

A large market in Nigeria, with youth that earns and spends in international currencies

The Founder:

Tope Alabi was part of the YC S20 Batch. He founded Afriex prior to joining YC, in October 2019. He went to the University of North Texas to complete his Bachelor of Science in Electrical Engineering.

Active In:

Nigeria

Afrikamart