Accrue, a Nigerian fintech startup, has secured $1.58 million in a seed funding round led by Lattice Fund. Other investors include Kraynos Capital, Distributed Capital, Lava, and Maven 11. The funding will drive Accrue’s growth in payment infrastructure, team expansion, and enhanced product development.
A Strategic Pivot: From Crypto to Cross-Border Payments
Founded in 2021 by former Helicarrier employees Zino Asamaige, Adesuwa Omoruyi, and Clinton Mbah, Accrue initially catered to crypto investors. However, the 2022 crypto downturn forced the startup to rethink its strategy. Recognizing the persistent challenge of cross-border payments in Africa, the team pivoted to providing fast, reliable solutions for international money transfers.
The Accrue Edge: Fast Payments and Accessibility
Accrue’s cross-border payment solution operates through an agent network model, inspired by the success of platforms like MPESA and Moniepoint. This model has proven particularly effective in areas with limited traditional banking infrastructure. The startup claims payments can be completed in under five minutes, significantly improving user convenience.
Rapid Growth Across Africa
Accrue currently serves over 200,000 users across eight African countries, including Nigeria, Ghana, Kenya, South Africa, Cameroon, Uganda, Zambia, and Malawi. Its revenue streams include transaction fees, foreign exchange spreads, and penalties for premature auto-investment plan withdrawals.
In 2024, Accrue discontinued stock trading to focus on its core offerings, which now include dollar savings accounts and virtual cards for online payments.
Leveraging Stablecoins for Cross-Border Efficiency
To tackle the high costs, delays, and accessibility issues plaguing cross-border payments in Africa, Accrue employs stablecoins—cryptocurrencies pegged to stable assets like the US dollar. This innovative approach bypasses traditional banking inefficiencies, providing a scalable, reliable solution.
A Key Player in Africa’s Fintech Revolution
With its robust agent network and user-focused solutions, Accrue is addressing critical financial challenges in Africa’s evolving market. As the startup continues to refine its offerings and expand its reach, it solidifies its position as a leader in the African fintech ecosystem.
This funding round marks a significant milestone for Accrue, underscoring the potential of innovative solutions to transform Africa’s financial landscape.
