Nigerian fintech startup, Afriex, has raised USD 1.2 Mn in a seed round led by pan-African VC firm, Launch Africa. Other investors who participated include Y Combinator, Future Africa, Brightstone VC, Processus Capital, A$AP Capital, Precursor Ventures, Uncommon Ventures, SoftBank Opportunity Fund, and Ivernet Holdings. Angel investors like Russell Smith, Furqan Rydhan, Mandela Schumacher-Hodge Dixon, and Andrea Vaccari also took part in the round.
Founded in 2019, Afriex is a fintech platform that offers remittance services, providing a zero-fee international money transfer making it easy for immigrants to send money home. Afriex currently operates in Nigeria, Ghana, Kenya, Uganda and the US, and plans to use this fund to expand across Africa.