# Afriex

**Source:** https://geo.sig.ai/brands/afriex  
**Vertical:** Finance  
**Subcategory:** General  
**Tier:** Challenger  
**Website:** afriexapp.com  
**Last Updated:** 2026-04-14

## Summary

African diaspora remittance platform for US/UK to Nigeria, Kenya, Ghana, and Uganda; low-fee mobile money and bank transfers competing against Western Union and MoneyGram.

## Company Overview

Afriex is an African-focused international money transfer platform enabling fast, low-cost remittances between the United States, Canada, United Kingdom, and African countries including Nigeria, Ghana, Kenya, Tanzania, and Uganda. Founded in 2019 by Tope Alabi and Alexander Osifo, both Nigerian immigrants in the US, Afriex raised approximately $10 million and targets the significant diaspora remittance corridor — African immigrants send tens of billions of dollars home annually, often paying high fees and tolerating slow transfers through incumbent players like Western Union and MoneyGram.

Afriex's platform enables users to send money to African bank accounts and mobile money wallets (M-Pesa, MTN Mobile Money, Airtel Money) at competitive exchange rates with low flat fees. The mobile app experience is built for the African immigrant in the US or UK who sends money to family regularly — with recipient account saving, instant notifications, and support for the full range of African payment destinations. Afriex uses local currency bank accounts and partnerships in recipient countries to provide fast settlement.

In 2025, Afriex competes in the African remittance market alongside Lemfi (formerly Lemonade Finance), Sendwave (WorldRemit), Flutterwave, and Chipper Cash for different aspects of the diaspora-to-Africa transfer corridor. The Africa remittance market is large and growing — Nigeria alone receives $20+ billion in annual remittances — and the high fees charged by traditional providers (Western Union, banks) create strong demand for fintech alternatives. Afriex's focus on specific African markets allows deeper local payment infrastructure versus generalist global remittance platforms. The 2025 strategy includes expanding to additional African corridors, adding business payment capabilities, and growing the mobile wallet payment rails in East Africa.

## Frequently Asked Questions

### What is Afriex?
Afriex is a blockchain-based remittance platform founded in 2019 that enables users to send and receive money in local currencies between Africa and other regions. It bypasses traditional SWIFT payment rails to provide faster and cheaper cross-border money transfers.

### What services does Afriex offer?
Afriex offers blockchain-based remittance services, cross-border money transfers, local currency exchange, and operates payment corridors between Africa and Asia. The platform serves as a SWIFT alternative for international money transfers.

### Who is Afriex designed for?
Afriex is designed for individuals and users who need to send and receive money between Africa and other regions, particularly those looking for faster and cheaper alternatives to traditional money transfer operators. The platform serves the Africa-Asia remittance corridor market.

### When was Afriex founded?
Afriex was founded in 2019 by Alabi and John Obirije. The company was part of Y Combinator's Winter 2020 batch.

### Where is Afriex located?
Afriex is based in the United States. The company operates in the Africa-Asia remittance corridor and recently expanded to China, India, and Pakistan in 2025.

### How much funding has Afriex raised?
Afriex has raised $11.9M in total funding, including a $1.2M seed round in 2020 and a $10M Series A in 2022 at a $60M valuation. The company is backed by 33 investors including Andreessen Horowitz, 10X Capital, Adaverse, Bossa Invest, Dragonfly Capital, and Y Combinator.

### What are Afriex's key business metrics?
As of June 2024, Afriex achieved $8.3M in revenue and has 55 employees. The company is currently gearing up for another fundraising push.

### What technology does Afriex use?
Afriex leverages blockchain technology to reduce remittance costs and settlement times compared to traditional money transfer operators. The platform serves as an alternative to traditional SWIFT payment rails for cross-border transfers.

### What industry does Afriex operate in?
Afriex operates in the consumer finance industry, specifically in the remittance and cross-border payment sector. The company positions itself as a modern alternative in the Africa-Asia remittance corridor market.

### What are Afriex's recent developments?
In 2025, Afriex expanded its services to China, India, and Pakistan, broadening its Africa-Asia payment corridor. The company is also preparing for another fundraising round following its 2022 Series A.

## Tags

b2c, payment-processing, fintech, africa, startup, mobile-first

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*Data from geo.sig.ai Brand Intelligence Database. Updated 2026-04-14.*