Afriex

Last updated

Afriex
IndustryFintech
Founded2019
FounderTope Alabi (CEO), John Obirije (CTO)
Headquarters Wilmington, Delaware, United States

Afriex is a United States registered financial technology company that provides cross-border payment and money transfer services. Founded in 2019 and headquartered in Wilmington, Delaware, the company provides international money transfer services across multiple continents, connecting regional payment systems into a unified global network. [1] [2] [3]

Contents

History

Afriex was founded in 2019 by Tope Alabi (Chief Executive Officer) and John Obirije (Chief Technology Officer) to simplify and reduce the cost of international money transfers. [4]

The company joined Y Combinator's Summer 2020 batch, becoming one of the few African-founded startups accepted into the accelerator [5]

Funding

March 2021 - Seed Round: Afriex raised US$1.2 million led by Y Combinator and other investors to expand its remittance and payments infrastructure. [5]

April 2022 - Series A: The company raised US$10 million, led by Dragonfly Capital with participation from EMURGO (Cardano) and other investors, valuing Afriex at roughly US$60 million. [6] [7] [1]

Operations and Expansion

Afriex initially focused on remittance corridors linking the African diaspora with their home countries. [8]

Between 2023 and 2025, the company broadened its reach into Europe and Asia, launching new corridors in China, India, and Pakistan [9] [10]

As of 2025, Afriex reports operations in more than 40 regions worldwide, supporting transfers through local bank integrations and mobile-money operators [11] [12]

Technology and Services

Afriex operates a mobile and web-based wallet that supports person-to-person and business payments. Key platform functions include:

The company is PCI DSS compliant and achieved ISO 27001 certification in 2024, aligning with international information security management standards.

In June 2023, Afriex and Tech Herfrica supported Nigerian women in agriculture by providing free smartphones, POS devices, microfinance loans, and access to digital resources to enhance their businesses. [14] [15]

Recognition

Afriex has been covered by business and technology publications such as Forbes, TechCrunch , TechCabal, Premium Times Nigeria, and FinTech News Africa. [1] [16] In 2022, it was listed among the top ten Nigerian technology companies by funds raised, according to Nairametrics . [17] [18] [19] [1]

References

  1. 1 2 3 4 Szkutak, Rebecca. "Nigerian Fintech Startup Afriex Raises $10 Million For Its Blockchain Money Transfer Platform". Forbes. Retrieved 17 October 2025.
  2. ↑ Macjohn, Sandra (26 December 2022). "Afriex Money Transfer: How to Sign Up and Send Money for Free Using Afriex". The Fintech Africa. Retrieved 17 October 2025.
  3. ↑ "Discover the top and emerging startups in Africa". startuplist.africa. Retrieved 19 October 2025.
  4. ↑ Post, Sponsored (23 March 2021). "Y Combinator-backed Afriex raises $1.2m seed round as it expands across Africa - Disrupt Africa". Disrupt Africa. Archived from the original on 18 August 2022. Retrieved 17 October 2025.
  5. 1 2 Kene-Okafor, Tage (23 March 2021). "Afriex raises $1.2M seed to scale its payments and remittances platform across Africa". TechCrunch. Retrieved 17 October 2025.
  6. ↑ www.premiumtimesng.com https://www.premiumtimesng.com/business/business-news/526060-nigerian-money-transfer-firm-afriex-raises-10-million-in-series-a-funding.html . Retrieved 17 October 2025.{{cite web}}: Missing or empty |title= (help)
  7. ↑ "Afriex raises $10m in Series A funding". 26 April 2022. Retrieved 17 October 2025.
  8. ↑ "Afriex is democratising wealth creation by facilitating global money transfers". TechCabal. 29 June 2022. Retrieved 17 October 2025.
  9. 1 2 "Afriex Expands Its Money Transfer Network, Connecting Europe to Africa". TechCabal. 23 April 2024. Retrieved 17 October 2025.
  10. ↑ "Money Transfer Startup Afriex Expands into China, India, and Pakistan". Fintech News Africa. 31 July 2025. Retrieved 17 October 2025.
  11. ↑ "Afriex Expands Money Transfer Services to China, India, and Pakistan". Fintech NewsByte. 31 July 2025. Retrieved 17 October 2025.
  12. ↑ Ischebeck, Jens (28 April 2021). "28 Money Transfer Services Checked For Africa: Extensive Guide". africa.com. Retrieved 17 October 2025.
  13. ↑ "Afriex raisesUS$10m funding to boost blockchain-based money transfers". 26 April 2022. Retrieved 17 October 2025.
  14. ↑ Oboh (12 June 2023). "Tech Herfrica, Afriex tackle poverty with digital financial inclusion initiative". Vanguard News. Retrieved 28 October 2025.
  15. ↑ "Afriex and Tech Herfrica Empower Nigerian Women Farmers and Traders for Economic Growth". www.afriex.com. Retrieved 28 October 2025.
  16. ↑ East, Forbes Middle. "Nigeria's Fintech Startup Afriex Raises $10M At A $60M Valuation". Forbes ME. Retrieved 19 October 2025.
  17. ↑ Abubakar, Abdulrasheed (29 July 2025). "Afriex expands to Asia to tap booming cross-border payments market". TechCabal. Retrieved 17 October 2025.
  18. ↑ Akintaro, Samson (8 September 2022). "Top 10 Nigerian tech companies by funds raised in Q2 2022". Nairametrics. Retrieved 17 October 2025.
  19. ↑ John, Janet (23 March 2021). "DEAL: Fintech startup, Afriex raises $1.2m seed round as it expands across Africa". Nairametrics. Retrieved 17 October 2025.
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