Afriex, a multi-currency app that allows users to send and receive money from anywhere in the world, is raising a $1.2 million seed round in an effort to scale their blockchain payments and remittances platform across Africa. Due to the challenges of sending money from the U.S to Nigeria, the company offers quick, no-fee transactions to Africans at home and abroad. Users can deposit cash into the app, send money to a bank account or another user, and withdraw cash from a connected bank or debit card. By cutting time and fees, crypto-remittance platforms are rising to the challenge of resolving these cross-border payment issues. Afriex is based on stablecoins which are digital currencies backed by the U.S. dollar. Essentially, the corporation buys cryptocurrencies in one country and sells it in another in order to provide better exchange rates. This differs from more well-known services such as Western Union and Wise which use traditional banking systems. The firm, which is based in Lagos and San Francisco, plans to extend its personnel and expand into other markets with the new funding.
Afriex raises $1.2M seed to scale its payments and remittances platform across Africa | TechCrunch