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Nigeria’s Accrue Raises USD 1.58 M Seed Amid Evolution From Crypto To Payments
Nigeria’s Accrue Raises USD 1.58 M Seed Amid Evolution From Crypto To Payments

Accrue, a fintech startup initially launched in 2021 as a crypto investment app has raised USD 1.58 M in seed funding led by Lattice Fund, with participation from Maven 11, Lava, Kraynos Capital, Distributed Capital, and several angel investors. The funding round marks a significant milestone in Accrue’s journey from its origins as a crypto investment app to becoming a versatile cross-border payment platform.

Over its three-year journey, the company has pivoted twice, transforming into a robust cross-border payment platform offering a suite of services under the stewardship of co-founders Adesuwa Omoruyi and Clinton Mbah.

After high highs gave way to low lows following the devastating crypto slump in 2022, Accrue faced existential challenges. But the turning point of Accrue’s transformation began in 2022 with its pivot to focus on solving Africa’s cross-border payment challenges. The launch of Cashramp, a flagship product that simplifies global transactions, quickly gained traction and became the company’s primary revenue driver.

By mid-2023, the success of Cashramp enabled Accrue to achieve profitability, solidifying its position as a key player in Africa’s evolving financial ecosystem. The platform now offers virtual cards, US bank accounts, and online store solutions tailored to meet the needs of African entrepreneurs and businesses navigating international markets.

With over 200,000 users and a lean team of 18 employees, Accrue plans to use the new funds to scale its payment infrastructure across Africa. The startup is also focused on enhancing its product offerings and expanding into new markets, aiming to empower more users with tools that make global commerce seamless and accessible.