Transfy, a Nigerian fintech, has seen strong early uptake of its payments infrastructure, processing $15 million in its first year as it plans for continental expansion.
Launched in April 2021, the Lagos-based Transfy has developed a blockchain-powered financial services platform that makes it easy for individuals and businesses across Africa to seamlessly, securely, and freely send and receive money.
Users are able to easily create an account on the Transfy platform, submit their KYC details, and start transacting. Vincent Omulo, the startup’s Co-Founder and Chief Operations Ffficer, said moving money across Africa had become too too expensive.
In a statement, Vincent said:
“Most of the money remittance companies concentrate on other corridors outside of Africa, like origination of transactions from the United States, Canada, United Kingdom, and Middle East among others. There are very few companies which are committed to connecting Africa financially. We therefore came in to bridge this gap.”
– CEO / Co-Founder, Transfy
The bootstrapped Transfy processed $15 million in transactions in its first year of operations, with zero marketing spend, and is currently raising a seed round for further growth.
According to Vincent, the startu pis currently operational in:
“We are rapidly expanding, and before the end of Q2, we will be present in 30 African countries.” – CEO, Transfy