Nigerian Fintech startup Grey has picked Kenya as its East African Hub as it expands operations in the largest economy in the East African Community.
This follows $2 million seed funding it raised to expand in the East African Market as it seeks opportunities in Uganda and Rwanda in the near future. The firm’s platform is live in Tanzania and Kenya with over 300, 000 users.
Grey Chief Executive Officer IIdorenyin Obong says opening offices in Kenya will help the firm navigate its planned operations in other countries in the East African Community.
AIdorenyin Obong, Chief Executive Officer, Grey Chief Executive Officer: “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. This phenomenal growth points to the importance of remittances as a source of foreign exchange to the country, equivalent to more than 3 percent of Kenya’s GDP.
According to a World Bank report released last year, Kenya has been ranked among Africa’s top three recipients of diaspora remittances behind Nigeria and Ghana.
Moreover, Kenya’s Gig economy is on the rise, with the growth of digital platforms that connect workers and traders to potential customers.
A 2022 report by Mercy Corps on the gig economy is showing that the Kenyan online gig economy is valued at $109 million and employs a total of 36,573 workers. It is estimated to grow at an annual rate of 33 percent, with the total size reaching $345 million and employing 93,875 workers by 2023.
Obong: “More Kenyans are working remotely for companies abroad where payments tend to be tedious and expensive. Our solution allows African Freelancers to have foreign accounts and seamlessly receive money worldwide and be globally competitive.”
Last year, Grey partnered with Cellulant as the company’s payments processor powering its payouts to thousands of Grey’s customers and Moringa School to increase awareness and empower digital nomads on financial literacy in collaboration with Safaricom, Antler and Nairobi Garage.
The company has also privately launched Grey Business, a borderless business banking for startups, where they can get instant international payments and currency conversions for their business. Companies can also open US Bank accounts online with no minimum balance, monthly fees or hidden fees.
Founded in 2021, Grey, a Y-combinator-backed fintech startup, offers a unique international money transfer service that enables its users to send and receive international payments quickly without restrictions.
Grey enables its customers to have virtual international bank accounts and cards for free and enjoy a seamless foreign payment process. Users can create a foreign USD, GBP, and EUR bank account for free, send money to the UK and Europe, and receive payments from over 88 countries.
The company also offers conversion directly to your local currency so that you can spend it easily on the app. Grey allows users to receive foreign payments in their preferred foreign currency and withdraw directly to mobile money or their local bank account.
Grey’s seed funding round included participation from Y Combinator, Soma Capital, Heirloom Fund, True Culture Fund, angel investors Alan Rutledge, Samvit Ramadurgam, Karthik Ramakrishnan, and other high-profile investors.