What Afriex does

Afriex is a US-incorporated fintech operating a cross-border remittance platform that targets the African diaspora in North America and Europe, enabling low-cost transfers to recipients across 30+ African countries. The platform combines stablecoin-based settlement infrastructure with fiat-denominated user interfaces, integrating Visa Direct for real-time cross-border payments across 160+ markets and claiming 99% of transfers delivered in under 20 seconds. Founded in 2019 by Tope Alabi and John Obirije, the company is headquartered in Houston, Texas, and holds regulatory licenses including FinCEN MSB registration in the US, FINTRAC MSB registration in Canada, and a CBN International Money Transfer Operator license in Nigeria.

The product portfolio extends beyond core money transfers to include Global USD/GBP/EUR virtual accounts for receiving international payments, instant-issue virtual debit cards, a US-only Credit Builder feature, and AFX for Business — an enterprise product for cross-border SMB and contractor payments. The company is PCI DSS compliant and processes payments through Stripe subaccount infrastructure. Revenue is generated primarily through FX spread margins on consumer transfers (marketed as "zero-fee"), plus 1-3% crypto trading fees, virtual card interchange, and enterprise transaction fees under AFX.

Distribution combines a self-serve mobile app with a POS Agent network across African markets for offline access, a #AfriexIt creator program paying influencers up to $1,000 per video, and a multi-tier referral program offering $10-$50 per qualifying referral. As of 2022, Afriex was processing over $5M monthly at a $60M post-Series A valuation (Series A led by Dragonfly and HSG, $10M raised in April 2022), and has since expanded corridor coverage and integrated Visa Direct to reach 160+ receiving markets.

Name

Afriex

Legal name

Afriex, Inc.

Website

https://afriex.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Afriex is a US-headquartered fintech operating a stablecoin-settled cross-border remittance platform that enables African diaspora users in North America and Europe to send fast, low-cost transfers to 30+ African countries, with additional products including global accounts, virtual cards, and B2B payments via Visa Direct.

Ownership category

akta.pro rank

Product category

Cross-Border Remittance

NAICS

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

SIC

Finance Services (6199)

akta.pro primary industry

Crypto Remittance & Cross-Border Money Transfer Providers (FSADAIAD)

akta.pro secondary industries

Cross-Border & FX Payments Platforms (BPAMAFAK), SME & Business Cross-Border Payments (FSAGAKAB)

Keywords

• Cross-border remittance
• Digital money transfer
• Virtual bank accounts
• Virtual debit cards
• Stablecoin payments

Headquarters

HQ city

Oakland

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. International Money Transfers: Primary revenue stream from international remittances. While the platform markets 'zero-fee' transfers, exchange rate margins are applied on currency conversion, generating revenue on each transaction.
2. Crypto Trading Fees: Users can buy and sell cryptocurrency on the platform with trading fees of 1-3%, generating additional revenue from crypto-active customers.
3. AFX for Business (Enterprise): B2B cross-border payment services under the AFX enterprise brand, targeting businesses requiring compliant international disbursement infrastructure.
4. Virtual Card Services: Instant-issue debit card usage for online shopping, subscriptions, and digital ad purchases generates interchange and service fees.
5. Credit Builder: US customers can build credit history from everyday transfer activity, with revenue derived from associated financial services and data monetisation.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels7 records

Core offering

Afriex is a cross-border money transfer platform that lets users send funds from the US, UK, Canada, and Europe to 30+ African countries using stablecoin-based settlement, with 99% of transfers delivered in under 20 seconds and zero-to-low explicit fees (revenue earned via FX margins). The product is extended with virtual USD/GBP/EUR accounts for receiving international payments, instant-issue virtual debit cards, a US-only credit builder, and the AFX for Business enterprise cross-border payment service.

Product overview

Afriex is a hybrid cryptocurrency and remittance platform offering a full-stack financial services ecosystem. The core product portfolio centers on International Money Transfers as the primary offering, supported by Global USD/GBP/EUR Accounts and Virtual Cards for receiving and spending funds globally, and Credit Builder (US-only) for credit profile building. The AFX for Business platform extends these capabilities to enterprise clients requiring cross-border payment infrastructure. Supporting programs include the #AfriexIt Creator Program for content creators, POS Agents network for physical distribution, and a Referral Program for user acquisition. The platform leverages stablecoins and blockchain technology for settlement while presenting users with fiat-denominated interfaces, targeting African markets and diaspora communities with corridors between North America/Europe and African countries.

Differentiator

Problem solved

Functional benefit

Brands

• AFX for Business: Enterprise cross-border payment service enabling companies to handle international payments without administrative complexity.

Products and services

• International Money Transfers Core money transfer service enabling users to send funds from the US, UK, Canada, and Europe to Nigeria, Ghana, Cameroon, Kenya, Uganda, Ivory Coast, Egypt, Pakistan and other countries, with 99% of transfers delivered in under 20 seconds at zero to low fees.
• Global USD/GBP/EUR Accounts Virtual bank account service letting users open USD, GBP, or EUR accounts in their own name to receive international payments from clients, employers, and global platforms like a local account holder.
• Virtual Debit Cards Instant-issue virtual debit cards allowing users to pay for online purchases, subscriptions, and digital ad spend directly from their Afriex balance anywhere cards are accepted.
• Credit Builder Credit building feature for US customers that turns everyday Afriex transfer activity into a stronger credit profile without requiring loans, paperwork, or long wait times.
• AFX for Business Enterprise cross-border payment service enabling businesses to handle international payments, contractor payouts, and multi-currency operations without administrative complexity, with dedicated onboarding and compliance support.

Quantifiable outcome

• 99% of transfers delivered in under 20 seconds
• +4 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature7 records

Partnerships

Two partnerships are on record, tiered core.

• VisacoreTechnology or Integration · 5 November 2025Afriex partnered with Visa to enable real-time international payments across more than 160 markets using Visa Direct. The collaboration aims to support growth of remittance flows to developing economies, which reached approximately USD 669 billion globally in 2023. The new service is now available on Afriex's platform, enabling faster and more transparent cross-border transfers for individuals and businesses.
• StripecoreTechnology or IntegrationStripe provides subaccount infrastructure for each customer within the Afriex platform, enabling efficient management and seamless transaction processing. This subaccount structure is integrated into the platform's terms and conditions as a core service provider.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Remitly: NASDAQ-listed digital remittance platform serving the same diaspora corridors (US/Europe → Africa, Asia, LATAM) with a mobile-first, low-fee model. Most directly comparable scaled competitor to Afriex in terms of product, customer, and business model.
• WorldRemit: Global digital remittance and mobile money operator with deep African send/receive corridors (Nigeria, Ghana, Kenya, Uganda). Comparable on product (cross-border transfers), target customer (diaspora), and compliance footprint.
• Wise (TransferWise): Public cross-border payments platform offering multi-currency accounts and low-cost international transfers for individuals and businesses. Comparable in product (FX-led transfers, multi-currency accounts) and SMB target segment via Wise Business.
• Sendwave: Mobile-first remittance app focused on African corridors (Ghana, Nigeria, Kenya, etc.) with zero-fee positioning, now part of WorldRemit's parent. Most comparable peer in terms of African diaspora focus and zero-fee marketing approach.
• Chipper Cash: Africa-focused cross-border payments and mobile money app with similar diaspora → Africa corridor focus, including virtual cards and business payment features. Directly comparable on target market and product mix.

Emerging players

• NALA: Africa-focused remittance startup also using mobile-first, low-fee positioning for diaspora senders to East Africa. Comparable niche, smaller scale, and similar technology-forward approach.
• Flutterwave: Pan-African payments platform enabling businesses to send and receive money across Africa. Comparable on B2B cross-border payment infrastructure (relevant to AFX for Business) and African market focus.
• Yellow Card: African crypto on/off-ramp and stablecoin payments platform. Comparable on the crypto-native remittance angle, stablecoin settlement infrastructure, and African market focus — overlapping with Afriex's hybrid crypto-fiat positioning.

Broad incumbents

• Western Union: Incumbent global money transfer operator with the deepest African cash-payout network. Comparable on cross-border remittance product and African corridor focus, but operates at much larger scale and on traditional rails.
• MoneyGram: Incumbent global money transfer operator with extensive African agent network. Comparable on cross-border consumer remittance product and African corridor focus, with broader geographic and product portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

• Xx.com/afriexapp
• YouTubeyoutube.com/channel/UCCbKQqwl2t08Qk6jK0uIk1Q
• Facebookfacebook.com/AfriexApp
• LinkedInlinkedin.com/company/afriex
• Instagraminstagram.com/afriexapp

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds5 records

Investors26 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 Afriex