Grey

What Grey does

Grey is a cross-border payments fintech founded in 2020 in Nigeria (originally as Aboki Africa) by Idorenyin Obong and Femi Aghedo, now operating across 70+ countries with roughly 3 million users. The platform provides virtual foreign bank accounts denominated in USD, EUR, and GBP, real-time currency exchange, virtual debit cards with Apple Pay and Google Pay support, and international money transfers to more than 170 destinations, with corridors priced transparently at flat fees ($3.00 CAD for instant Canada transfers) against a backdrop of legacy providers charging up to 6-7% with multi-day settlement. The technology stack relies on USDC stablecoin settlement over blockchain networks, Interac for Canada transfers, and partnerships with Clear Junction (UK/EU, FCA-regulated), dLocal (LATAM/SEA), Cellulant (East Africa), and Paystack (Africa B2B), with ISO/IEC 27001:2022 security certification and MSB registrations from FinCEN (US) and FINTRAC (Canada).

The core product portfolio for individuals comprises Foreign Accounts, Currency Exchange, Virtual Cards, and Money Transfer, supplemented by Invoicing, Bill Payments, Expense Management, Savings, Gift Cards, and Crypto Services (buy/sell/swap of BTC, ETH, BNB, SOL, LINK, USDC, USDT, currently limited to Angola). In February 2026 Grey launched Grey Business, a B2B platform enabling African startups and SMEs to open USD corporate accounts, execute bulk payments, and process USDC/USDT stablecoin transactions; over 1,000 businesses enrolled in beta prior to launch at Africa Tech Summit Nairobi.

Revenue is generated almost entirely on a transaction basis: FX spreads on currency conversion, a $5 virtual card issuance fee, flat per-transfer pricing on key corridors, and emerging recurring revenue from business banking services. Go-to-market is product-led and mobile-first on iOS/Android with self-serve onboarding, paired with channel-partner distribution for new geographies (Cellulant, dLocal, Clear Junction) and field sales for the B2B segment. Disclosed funding is limited to a $2 million seed round in August 2022 (Y Combinator, Soma Capital, Heirloom Fund, True Culture Fund); the company is not reported to have raised material follow-on capital despite tripling its geographic and product footprint through 2026.

Name

Grey

Legal name

Grey Inc.

Website

https://grey.co

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

51–100 employees

Short description

Grey is a cross-border payments fintech that offers multi-currency virtual accounts, FX conversion, virtual cards, and international transfers to roughly 3 million freelancers, digital nomads, and African SMEs across 70+ countries, with a new B2B platform serving African startups.

Ownership category

akta.pro rank

Product category

Cross-Border Payments & Digital Banking

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Finance Services (6199)

akta.pro primary industry

Cross-Border & FX Payments Platforms (BPAMAFAK)

akta.pro secondary industries

Remittance & Cross-Border Payment Rails (SWIFT, Local Clearing, RTP Connectivity) (FSAGAKAH), Cross-Border Card-Based Transfers & Multi-Currency Cards (FSAGAKAE), Enterprise Payments & Tokenized Money (stablecoins, tokenized deposits, CBDC rails) (FSAPAIAJ), Cross-border Payments, FX & Multi-currency Checkout (CRAFAJAF)

Keywords

• Cross-border payments
• Multi-currency accounts
• Virtual debit cards
• International money transfer
• Remittance services

Headquarters

HQ city

Middletown

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Cross-border Payment Fees: Grey charges transparent, competitive fees for international money transfers. Transfers to Canada are priced at flat $3.00 for minute delivery or $2.50 for next business day. The platform addresses the legacy services market where $15-30 fees are charged per $500 transfer.
2. Currency Exchange Spreads: Grey earns revenue through currency exchange spreads when users convert between supported currencies (USD, EUR, GBP, and local African currencies). Real-time rates are displayed with conversion fees applied upfront.
3. Virtual Card Issuance: Grey charges $5 for virtual card issuance, enabling users to obtain cards through the iOS or Android app for international spending at 150 million merchants worldwide.
4. Business Banking Services: Grey Business platform provides USD corporate accounts, bulk payments, and business banking services to African startups and SMEs, potentially with associated transaction fees for business-oriented services.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels8 records

Core offering

Grey is a cross-border payments fintech offering multi-currency virtual bank accounts (USD, EUR, GBP), real-time currency exchange, virtual cards with Apple Pay/Google Pay support, and international money transfers to 170+ destinations. Through its Grey Business product, the company provides USD corporate accounts, bulk payments, and USDC/USDT stablecoin payment capabilities to African startups and SMEs. The platform is delivered via mobile apps (iOS/Android) and web, with services available in 70+ countries.

Product overview

Grey is a cross-border payments fintech offering a unified digital banking platform for individuals and businesses. The core product portfolio consists of Foreign Accounts (virtual USD, EUR, GBP bank accounts), Currency Exchange, Virtual Cards, and Money Transfer for individual users, complemented by Grey Business for B2B corporate clients. Additional modules include Invoicing, Bill Payments, Expense Management, Gift Cards, Savings, and Crypto Services. The platform enables users to receive, send, exchange, and manage multiple currencies in one app, targeting freelancers, digital nomads, remote workers, and SMEs in emerging markets across Africa, Latin America, Southeast Asia, and expanding globally.

Differentiator

Problem solved

Functional benefit

Brands

• Grey Business: Multi-currency payments platform enabling African startups and SMEs to open USD corporate accounts, send and receive international payments, convert currencies at real-time rates, and process USDC and USDT stablecoin transactions.
• Grey Finance
• Limitless
• UpGreyed Her

Products and services

• Foreign Accounts Virtual international bank accounts enabling users to receive and access global payments in USD, EUR, and GBP. Users can open accounts in minutes from their phone and get bank account details including IBAN, sort code, and ACH routing.
• Currency Exchange Real-time currency conversion service allowing users to exchange major world currencies at competitive rates with transparent conversion fees displayed upfront.
• Virtual Cards Secure digital payment cards enabling international payments at over 150 million merchants worldwide. Supports Apple Pay and Google Pay for contactless payments directly from USD, EUR, and GBP balances, with 3D Secure transaction protection.
• Money Transfer Global funds transfer service enabling users to send money to clients and loved ones worldwide. Supports local and international payments with transparent pricing, flat fees for major corridors, and faster settlement times.
• Grey Business Multi-currency B2B payments platform enabling African startups and SMEs to open USD corporate accounts, send and receive international payments, convert currencies at real-time rates, and process USDC and USDT stablecoin transactions. Supports bulk payments and payouts to over 170 countries.

Quantifiable outcome

• 200% increase in transaction volumes
• +3 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature5 records

Partnerships

Five partnerships are on record, tiered strategic and core.

• PaystackstrategicTechnology or Integration · 10 February 2026Grey Business was launched in partnership with Paystack at Africa Tech Summit in Nairobi. Paystack is a leading African payment processing company that enables businesses to accept and make payments across Africa.
• AntlerstrategicStrategic or Co-development Partner · 10 February 2026Antler, a global early-stage venture capital firm and company builder, partnered with Grey for the launch of Grey Business at Africa Tech Summit. Antler supports startups throughout their lifecycle.
• dLocalcoreTechnology or Integration · 30 August 2024Grey partnered with dLocal to enable cross-border payouts to e-wallets and bank accounts in new emerging markets including Brazil, Indonesia, Mexico, Philippines, and South Africa. This partnership supports Grey's expansion into Latin America and Southeast Asia.
• Clear JunctioncoreTechnology or Integration · 1 January 2024Grey partnered with Clear Junction, an FCA-regulated payment solutions provider based in the UK. This collaboration enhances Grey's ability to facilitate faster and more cost-effective bank transfers in over 40 countries, simplifying international money transfers for users.
• CellulantcoreChannel Partner/ Reseller/ Distributor · 1 June 2022Grey partnered with Cellulant, a payments company, to expand into East Africa starting with Kenya. Cellulant's payment infrastructure enables Grey to offer its products including foreign bank accounts, instant currency exchange, and international money transfers to Kenyan residents.

Scale indicators11 records

Recent moves12 records

Expansion highlights6 records

Direct peers

• Chipper Cash: Chipper Cash is a US-headquartered (but Africa-founded) cross-border payments fintech that started with P2P mobile money transfers across African countries and has expanded into business payments and crypto. It directly competes with Grey in African cross-border corridors and serves a similar diaspora and freelancer user base.
• LemFi: LemFi (formerly Lemonade Finance) provides multi-currency accounts and cross-border payments targeting African and Asian diaspora communities in North America, UK, and Europe. It is one of the closest direct competitors to Grey's USD/EUR/GBP virtual account and remittance offering for emerging-market users.
• Nala: Nala (formerly Beam) is an African-founded cross-border payments app offering low-fee remittances from the UK, US, and EU to Africa. It competes head-to-head with Grey's diaspora-focused corridors (Nigeria, Ghana, Kenya, Tanzania, Uganda) and shares the mobile-first, transparent-fee positioning.
• Flutterwave: Flutterwave is a leading African payments infrastructure provider enabling businesses to send, receive, and process payments across Africa and globally. It overlaps with Grey Business on B2B cross-border payouts and competes on multi-currency business accounts for African SMEs.
• Sendwave: Sendwave (owned by WorldRemit/Zepz) is a mobile-first remittance app targeting African corridors with flat-fee pricing. It competes directly with Grey's consumer remittance offering to Nigeria, Ghana, Kenya, Tanzania, Uganda, and other African destinations.

Broad incumbents

• Payoneer: Payoneer is a global payments platform providing multi-currency receiving accounts, FX, and payouts primarily to freelancers, SMBs, and marketplaces. It is a broader incumbent serving Grey's freelancer and SME segments but is not Africa-specialized like Grey.
• Wise: Wise (formerly TransferWise) is a global multi-currency account and cross-border payments platform serving consumers and businesses in 70+ countries. It is a broad incumbent competing with Grey's USD/EUR/GBP account offering and inter-country transfer corridors, though it has limited emerging-market depth.
• Remitly: Remitly is a NASDAQ-listed digital remittance company serving diaspora corridors globally, with strong Africa, Asia, and LATAM coverage. It is a broad incumbent competing directly with Grey's consumer remittance business on price, speed, and trust.
• WorldRemit: WorldRemit (now Zepz, parent of Sendwave) is a global digital remittance and mobile money operator with deep African and emerging-market coverage. It is a broad incumbent and direct competitor to Grey's transfer corridors, with stronger legacy brand recognition.

Others

• Paystack: Paystack is a Stripe-owned African payments processor enabling businesses to accept and make payments across Nigeria, Ghana, South Africa, and Kenya. It is a current Grey Business launch partner and ecosystem participant rather than a direct substitute, but its acquiring and payout capabilities overlap with parts of Grey's B2B offering.

Market position

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/greyfinance
• YouTubeyoutube.com/@Grey_inc
• Facebookfacebook.com/greyfinance
• LinkedInlinkedin.com/company/greyfinance
• Instagraminstagram.com/greyfinance

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries2 records

Funding overview

Funding rounds3 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Grey