Accrue, a fintech startup founded in 2021 by former Helicarrier employees Zino Asamaige, Adesuwa Omoruyi, and Clinton Mbah, has recently secured a $1.58 million seed round led by Lattice Fund. The funding will be utilized to expand the company’s payment infrastructure, enhance its team, and improve its product offerings. Other investors in the round include Kraynos Capital, Distributed Capital, Lava, and Maven 11.
Initially launched as a tool to simplify crypto investing for the average consumer, Accrue experienced significant growth during the crypto boom. However, the subsequent market downturn in 2022 prompted the team to pivot towards providing cross-border payment solutions. This shift was driven by the need to address the challenges faced by Africans seeking faster and more reliable ways to transfer money across borders.
Accrue’s cross-border payment solution is built on an agent network model, inspired by the success of platforms like MPESA and Moniepoint. This model has proven effective in facilitating transactions, particularly in regions with limited traditional banking infrastructure. The startup claims that its system allows payments to be completed in under five minutes, offering convenience to its users.
Currently, Accrue serves over 200,000 users across eight African countries, including Nigeria, Ghana, Kenya, South Africa, Cameroon, Uganda, Zambia, and Malawi. The company generates revenue through various channels, including transaction fees for selling assets or investing. Additionally, it earns revenue through foreign exchange spreads on its transactions.
While Accrue initially offered stock trading on its platform, it announced in 2024 that it would discontinue this feature to focus on its core offerings. These offerings now include enabling users to save in dollars and make online payments using virtual cards issued by Accrue.
Cross-border payments remain a significant challenge in Africa due to high costs, long delays, and limited accessibility. Startups like Accrue are addressing these pain points by leveraging stablecoins to facilitate faster and more reliable transactions. By expanding its user base and refining its offerings, Accrue is establishing itself as a key player in the African fintech ecosystem, addressing critical financial needs in a rapidly evolving market.
