Nigerian fintech startup Accrue has secured $1.58 million in seed funding led by Lattice Fund, with participation from Kraynos Capital, Distributed Capital, Lava, and Maven 11. The funds will be used to enhance payment infrastructure, grow its team, and expand product offerings.
Founded in 2021 by former Helicarrier employees Zino Asamaige, Adesuwa Omoruyi, and Clinton Mbah, Accrue initially launched as a platform for simplifying crypto investments for everyday users. While the startup gained traction during the cryptocurrency boom, the market downturn in 2022 prompted a strategic pivot to cross-border payment solutions—solving a critical problem for many Africans seeking faster, more affordable money transfers.
Inspired by the agent network model seen in platforms like MPESA and Moniepoint, Accrue’s solution leverages technology to facilitate transactions in under five minutes. The startup has grown its reach to over 200,000 users across eight African countries, including Nigeria, Ghana, Kenya, South Africa, Cameroon, Uganda, Zambia, and Malawi.
Accrue generates revenue through transaction fees, foreign exchange spreads, and penalty charges on early auto-investment plan terminations. While retaining its crypto investment feature, the company has shifted its focus to core services like enabling savings in dollars and providing virtual cards for online payments, discontinuing stock trading in 2024 to strengthen its primary offerings.
In tackling the enduring challenges of cross-border payments in Africa—high costs, delays, and limited accessibility—Accrue employs stablecoins (cryptocurrencies pegged to stable assets like the US dollar) for efficient, scalable, and reliable transactions.
By addressing these pain points, Accrue is solidifying its position as a key player in Africa’s fintech ecosystem, poised to meet the region’s growing demand for innovative financial solutions.
Read More Stories:
Google Leads AI Revolution with Education and Training Initiatives
Meta Replaces Fact-Checking with Community Notes: Implications for Africa’s Misinformation Battle
NATCOMS takes legal action as NLC plans protest over 50% telecom tariff hike
