In a recent development, Accrue raises $1.58 million seed round led by Lattice Fund, with participation from Kraynos Capital, Distributed Capital, Lava, and Maven 11.
This capital injection is intended to enhance Accrue’s payment infrastructure, expand its team, and improve its product offerings.
Accrue, founded in 2021 by former Helicarrier employees Zino Asamaige, Adesuwa Omoruyi, and Clinton Mbah, initially aimed to simplify cryptocurrency investments for everyday users.
However, following the crypto market downturn in 2022, the company shifted its focus to addressing the pressing need for efficient cross-border payment solutions in Africa.
Accrue’s cross-border payment system utilizes an agent network model, inspired by successful platforms like M-PESA and Moniepoint. This approach has proven effective in regions with limited traditional banking infrastructure, enabling transactions to be completed in under five minutes.
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Countries Accrue operate in
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, such as transaction fees for asset sales or investments and foreign exchange spreads on transactions. For example, users incur a 1.5% fee for terminating auto-investment plans before their maturity date.
While Accrue has retained its crypto investment feature, it announced in 2024 the discontinuation of stock trading on its platform to concentrate on core services. These now include enabling users to save in U.S. dollars and make online payments using virtual cards issued by Accrue.
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