Nigerian fintech company Accrue has successfully raised $1.58 million in seed funding to enhance its stablecoin-based banking services. With over 200,000 users, Accrue aims to expand its payment infrastructure across Africa, leveraging its innovative CashRamp product to facilitate seamless cross-border transactions.
Key Takeaways
- Accrue raised $1.58 million in seed funding.
- The funding round was led by Lattice Fund, with support from several investors.
- The company has surpassed 200,000 users since its launch in 2021.
- CashRamp, Accrue’s flagship product, enables fast and affordable cross-border payments.
- The fintech plans to enhance its product suite and enter new markets across Africa.
Overview of Accrue
Founded in 2021, Accrue initially started as a cryptocurrency investment platform. However, following the volatility of the 2022 crypto market, the company pivoted to address the pressing issues of cross-border payments in Africa. This strategic shift led to the development of CashRamp, which has quickly become the main revenue driver for the company.
Funding Details
The recent funding round was led by Lattice Fund, with additional contributions from:
- Maven 11
- Lava
- Kraynos Capital
- Distributed Capital
- Various angel investors
This financial backing will enable Accrue to expand its payment infrastructure and enhance its offerings, making global commerce more accessible for African entrepreneurs.
CashRamp: A Game Changer
CashRamp is designed to streamline global transactions, allowing users to convert cash to stablecoins efficiently. This agent network facilitates:
- Fast transactions with settlements completed in under five minutes.
- A user-friendly interface that requires minimal crypto knowledge.
- The ability to bridge fiat and crypto, making it easier for users to engage in cross-border commerce.
Lattice Fund highlighted the transformative potential of CashRamp, stating that it could revolutionize the financial landscape in Africa by creating a borderless commerce ecosystem.
Future Plans
With the newly acquired funds, Accrue plans to:
- Expand its payment infrastructure across Africa.
- Enhance its product suite to better serve its growing user base.
- Enter new markets, empowering more users with tools for global commerce.
Accrue’s commitment to innovation and user empowerment positions it as a key player in the African fintech landscape, paving the way for a more connected and efficient financial system.
As the company continues to grow, it aims to leverage the power of stablecoins to address the immediate challenges of cross-border payments, ultimately contributing to a more integrated financial ecosystem in Africa.
