Nigerian Fintech Accrue Raises $1.58M to Expand Cross-Border Payments
TLDR
- Nigerian fintech Accrue has secured $1.58 million in seed funding to expand its cross-border payment infrastructure
- The round was led by Lattice Fund, with participation from Kraynos Capital, Distributed Capital, Lava, and Maven 11
- With 200,000 users across Nigeria, Ghana, Kenya, South Africa, and four other African countries, Accrue aims to enhance its product offering
Nigerian fintech Accrue has secured $1.58 million in seed funding to expand its cross-border payment infrastructure and grow its team. The round was led by Lattice Fund, with participation from Kraynos Capital, Distributed Capital, Lava, and Maven 11.
Founded in 2021 by ex-Helicarrier employees Zino Asamaige, Adesuwa Omoruyi, and Clinton Mbah, Accrue initially focused on crypto investments before pivoting to money transfers. The startup leverages an agent network model, similar to M-Pesa and Moniepoint, to enable faster, more reliable transactions.
With 200,000 users across Nigeria, Ghana, Kenya, South Africa, and four other African countries, Accrue aims to enhance its product offering and address financial inefficiencies in Africa’s fragmented payment ecosystem.
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Key Takeaways
Accrue’s agent-based model provides a faster alternative to traditional remittance channels, tackling high fees and slow transaction speeds in Africa’s $100 billion remittance market. The cross-border payment space is heating up, with fintechs like Flutterwave, Chipper Cash, and MFS Africa competing for market share. Accrue’s network-driven approach could differentiate it in high-volume corridors, particularly intra-African trade and digital remittances. With fresh capital, Accrue plans to scale operations, expand infrastructure, and refine its payment solutions, positioning itself as a key player in Africa’s evolving fintech landscape.
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