Accrue Raises $1.58 Million Seed Funding to Boost Cross-Border Payment Solutions
Accrue, a fintech startup revolutionizing cross-border payments in Africa, has secured $1.58 million in seed funding led by Lattice Fund.
Other participants in the round include Kraynos Capital, Distributed Capital, Lava, and Maven 11. The investment will be used to expand Accrue’s payment infrastructure, strengthen its team, and enhance its product offerings to address critical financial needs across the continent.
Founded in 2021 by ex-Helicarrier employees Zino Asamaige, Adesuwa Omoruyi, and Clinton Mbah, Accrue originally launched as a platform for simplifying crypto investments. While the startup gained traction during the crypto boom, the market downturn in 2022 prompted a strategic pivot to address Africa’s cross-border payment challenges.
Accrue’s solution uses an agent network model, inspired by platforms like MPESA and Moniepoint, to facilitate faster and more reliable money transfers. The startup claims payments on its platform are completed in under five minutes, providing significant convenience for its over 200,000 users across eight African countries, including Nigeria, Ghana, Kenya, and South Africa.
Revenue is generated through transaction fees, foreign exchange spreads, and penalties for prematurely stopping auto-investment plans. While crypto investment remains a feature, Accrue has discontinued stock trading to focus on its core offerings, such as saving in dollars and making online payments with virtual cards.
By leveraging stablecoins—cryptocurrencies pegged to assets like the US dollar—Accrue bypasses inefficiencies in traditional banking systems, enabling faster and more cost-effective cross-border transfers.
As Accrue refines its offerings and scales operations, it continues to position itself as a pivotal player in Africa’s evolving fintech ecosystem, tackling the continent’s pressing financial challenges head-on.
