Nigerian Fintech Startup Afriex Secures USD 10 Mn Series A Funding

Afriex, a Nigerian blockchain-based money transfer startup has secured a USD 10 Mn Series A funding round to expand its blockchain money transfer app. The round was led by Sequoia Capital China and Dragonfly Capital with participation from Goldentree, Stellar Foundation, and Exceptional Capital, among others.

Afriex provides instant, zero-fee transfers to Africans at home and in the diaspora. It allows users to deposit cash on the app, send money to a bank account or another user and withdraw money to a connected bank or debit card. The startup will use the funds to develop a stable coin and has already partnered with Visa to offer credit and debit cards to Afriex users later this year.