# Afriex

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/afriex

- Industry: Financial Services
- Headquarters: Oakland, US
- Website: www.afriexapp.com
- Total disclosed funding: $13M
- Latest round: Series A (Feb 13, 2022)
- Investors on record: 15

## About

Based in the US, Afriex Inc. offers advanced mobile international money transfer services designed for quick and reliable remittances, particularly for immigrants supporting families abroad.Afriex Inc. specializes in international money transfer services, having been founded in 2019 in Oakland, US. The company has raised a total of USD 11.90 mn across two deals, with its most recent funding being a Series A round on February 13, 2022, co-led by Sequoia Capital and Dragonfly Capital. The founders, Obirije John and Tope Alabi, have focused on simplifying the remittance process for users, ensuring efficiency and accessibility.Afriex specializes in international money transfer services, leveraging advanced technology to facilitate quick and reliable remittance solutions for individuals and families across the globe. Their primary offering allows users to send money seamlessly to various countries including Nigeria, Ghana, Ethiopia, and Cameroon, among others, with funds arriving in seconds. The company targets immigrants, specifically those supporting loved ones back home, and emphasizes ease of use through an app-based platform. Afriex's services are designed to address the pain points associated with traditional money transfer methods, such as high fees and lengthy processing times. By utilizing partnerships with licensed money transmitters and banks, Afriex ensures that customers can access competitive exchange rates and reliable support, serving a diverse client base across the United States, Canada, and selected African nations.Afriex generates revenue primarily through transaction fees associated with its money transfer services. Each transaction involves a fee structure that is typically competitive within the industry, enabling users to send various currencies, including USD, GBP, and EUR, in exchange for local currencies such as NGN or GHS. The company operates within a framework that may include B2C interactions, where individual customers utilize the app to send money directly to recipients, as well as potential partnerships with businesses that facilitate larger transaction volumes. The efficiency of the platform, combined with a user-friendly experience, encourages recurring usage and enhances customer retention, contributing to the overall revenue stream. Afriex's pricing structure is designed to attract users looking for straightforward and cost-effective solutions for their remittance needs.Afriex plans to leverage its recent Series A funding of USD 11.90 mn, raised in February 2022, to expand its services and build a platform similar to Visa. The funding will support the development of new products aimed at enhancing user experience and expanding into new markets. Specific markets targeted for future growth will include additional African countries, with projected expansion timelines to be outlined as strategies develop.

## Funding rounds

- Series A, Feb 13, 2022, $12M — Hong Shan, Dragonfly Digital Management, Stellar Development Foundation, Goldstreet Venture Capital, Exceptional Capital
- Seed, Mar 22, 2021, $1.2M — Brightstone Venture Capital, Y Combinator, ASAP Ventures, Precursor Ventures, SB Investment Advisers, Ivernet Holdings, Future Africa, Launch Africa Ventures, Uncommon Ventures, Processus Capital

## Investors

- Brightstone Venture Capital (https://capitalatlas.ai/funds/brightstone-venture-capital) — Seed
- Y Combinator (https://capitalatlas.ai/funds/y-combinator) — Seed
- ASAP Ventures (https://capitalatlas.ai/funds/asap-ventures) — Seed
- Precursor Ventures (https://capitalatlas.ai/funds/precursor-ventures) — Seed
- SB Investment Advisers (https://capitalatlas.ai/funds/sb-investment-advisers) — Seed
- Ivernet Holdings — Seed
- Future Africa — Seed
- Launch Africa Ventures (https://capitalatlas.ai/funds/launch-africa-ventures) — Seed
- Uncommon Ventures (https://capitalatlas.ai/funds/uncommon-ventures) — Seed
- Processus Capital — Seed
- Hong Shan — Series A
- Dragonfly Digital Management (https://capitalatlas.ai/funds/dragonfly-digital-management) — Series A
- Stellar Development Foundation — Series A
- Goldstreet Venture Capital (https://capitalatlas.ai/funds/goldstreet-venture-capital) — Series A
- Exceptional Capital (https://capitalatlas.ai/funds/exceptional-capital) — Series A