Lattice Fund has led a $1.58 million seed funding round for Accrue, a fintech startup aiming to revolutionize cross-border payments in Africa. Other participants in the round include Kraynos Capital, Distributed Capital, Lava, and Maven 11.
Accrue, founded in 2021 by Zino Asamaige, Adesuwa Omoruyi, and Clinton Mbah, originally focused on simplifying cryptocurrency investments. However, the 2022 crypto market downturn prompted a strategic pivot to address Africa’s growing need for fast, reliable, and cost-effective cross-border payment solutions.
The startup’s payment infrastructure leverages an agent network model, inspired by platforms like MPESA and Moniepoint, to provide quick and accessible financial services, especially in regions with limited banking options. Accrue claims its system can complete cross-border transactions in under five minutes, offering significant convenience to its 200,000 users across eight African countries, including Nigeria, Ghana, Kenya, and South Africa.
Accrue generates revenue through transaction fees, foreign exchange spreads, and penalties on discontinued auto-investment plans. Users also benefit from features like dollar savings and online payments via virtual cards.
Despite retaining its crypto investment service, Accrue discontinued stock trading in 2024 to focus on its core offerings. The funds from this seed round will be used to enhance its payment infrastructure, expand its team, and improve its product lineup.
Cross-border payments remain a critical challenge in Africa, plagued by high costs, lengthy delays, and accessibility issues. With this funding, Accrue aims to bridge these gaps and provide seamless financial solutions for its growing user base.
