Nigerian Startup Grey expands to Kenya after raisinig $2million
As it develops operations in the biggest economy in the East African Community, Kenya is the choice of Nigerian Fintech company Grey as its East African hub.
As it looks for chances in Uganda and Rwanda in the near future, this comes after it acquired $2 million in startup capital to develop in the East African Market. More than 300,000 people are using the company’s platform in Tanzania and Kenya.
Opening headquarters in Kenya, according to Grey Chief Executive Officer IIdorenyin Obong, will assist the company manage its business in other countries within the East African Community.
“Kenya’s Diaspora remittance is very vibrant, as remittance inflows to Kenya have increased tenfold in the last 15 years, reaching an all-time record of USD 3,718 million in rv,” said Adorenyin Obong, CEO of Grey. This extraordinary growth demonstrates the value of remittances as a source of foreign currency for the nation; they account for more than 3% of Kenya’s GDP.
Kenya, behind Nigeria and Ghana, was listed as one of Africa’s top three countries receiving remittances from the diaspora in a World Bank report published the previous year.
Additionally, with the expansion of digital platforms that link workers and traders with potential clients, Kenya’s gig economy is expanding.
According to a report by Mercy Corps 2022 on the gig economy, Kenya’s online gig economy is worth $109 million and employs a total of 36,573 people. By 2023, it is projected to grow at an estimated 33% annual rate, with a total market value of $345 million and 93,875 employees.
Obong: “More Kenyans are working remotely for businesses overseas where payments are frequently time-consuming and expensive. With the help of our service, African freelancers can have international bank accounts, get payments easily around the world, and compete globally.
In the previous year, Grey collaborated with Safaricom, Antler, and Nairobi Garage to expand awareness of and educate digital nomads with financial literacy through partnerships with Cellulant, the company’s payments processor, and Moringa School.
In addition, the business has quietly introduced Grey Business, a global business banking service for startups that offers real-time currency translations and foreign payments. Additionally, businesses can open US Bank accounts online without a minimum balance, a monthly fee, or any other hidden costs.
Grey, a fintech firm with Y-combinator backing, was founded in 2021 and provides a special international money transfer service that enables its users to send and receive money internationally rapidly and without limitations.
Grey offers free virtual international bank accounts and cards to its users, allowing them to make payments abroad easily. Users can send money to the UK and Europe, open a free overseas USD, GBP, and EUR bank account, and accept payments from more than 88 nations.
In order to make it simple for you to spend money on the app, the company also provides conversion directly to your local currency. Users of Grey are able to accept international payments in the currency of their choice and make withdrawals right to their local bank account or mobile money.
Y Combinator, Soma Capital, Heirloom Fund, True Culture Fund, angel investors Alan Rutledge, Samvit Ramadurgam, and Karthik Ramakrishnan, as well as other well-known investors, participated in Grey’s seed fundraising round.