Nigerian fintech Accrue has reached a significant milestone by raising $1.58 million in seed funding to bolster its cross-border payment infrastructure and expand its team. The funding round, led by Lattice Fund, also saw participation from Kraynos Capital, Distributed Capital, Lava, and Maven 11, underscoring the growing investor interest in innovative solutions within Africa’s fintech ecosystem.
An Innovative Model to Tackle Market Challenges
Founded in 2021 by Zino Asamaige, Adesuwa Omoruyi, and Clinton Mbah—former Helicarrier employees—Accrue initially focused on cryptocurrency investments before strategically pivoting to money transfers. Today, the startup is leveraging an agent network model, similar to that of M-Pesa and Moniepoint, to deliver faster and more reliable transactions while addressing the high fees and delays commonly associated with traditional money transfer channels.
A Presence Established in Several African Countries
With 200,000 users already spread across key markets such as Nigeria, Ghana, Kenya, South Africa, and four other African nations, Accrue is positioning itself as a promising player in the cross-border payments sector. The startup aims to enhance its product offerings to address the inefficiencies of a fragmented payment ecosystem on the continent—a market where money transfer transactions are estimated to be worth around $100 billion.
Ambitions for Continental Growth
The fresh capital will allow Accrue to ramp up its operations and expand its technological infrastructure. In a context where the cross-border payments space is buzzing—with innovative fintechs like Flutterwave, Chipper Cash, and MFS Africa competing for market share—Accrue’s network-driven approach could provide a significant competitive advantage. The company intends to distinguish itself in high-volume corridors, particularly in intra-African trade and digital remittances.
Towards Transforming Africa’s Financial Landscape
By addressing the challenges posed by inefficient traditional payment systems, Accrue aims not only to improve user experience but also to contribute significantly to the transformation of Africa’s financial landscape. With this new funding, the Nigerian fintech is well-positioned to become a catalyst for innovation in cross-border payments, offering solutions tailored to the evolving needs of a rapidly changing market.
