Nigerian fintech Accrue, which debuted in 2021 as a cryptocurrency investment platform, has secured $1.58 million in seed funding.
The funding round was led by:
- Lattice Fund
with additional support from,
- Maven 11
- Lava
- Kraynos Capital
- Distributed Capital
and various angel investors.
After experiencing extreme highs followed by significant lows during the 2022 crypto crash, Accrue pivoted to address Africa’s cross-border payment issues. The introduction of CashRamp, its flagship product designed to streamline global transactions, quickly gained momentum and became the company’s main source of revenue.
By mid-2023, Cashramp’s success propelled Accrue to profitability, the platform now provides:
- Virtual cards
- U.S. bank accounts, and
- Online store solutions
specifically designed to support African entrepreneurs and businesses navigating global markets.
The agent network was identified as one of the standout features by lead investor Lattice Fund. According to the fund, this is a network of P2P traders which facilitates the conversion of cash to stablecoins, enabling fast and affordable cross-border payments.
“Accrue’s Cashramp is an agent network that seamlessly bridges fiat and crypto, enabling users to enjoy the benefits of programmable money without requiring extensive crypto knowledge.
This user-friendly platform facilitates swift and affordable transactions, with settlements completed in less than five minutes.
REPORT | Stablecoins Have Become Crypto’s Killer App Amid Blockchain Scaling Improvements, Says New @a16zcrypto Report
Stablecoins have entered the same conversation as entrenched payment services as VISA, PayPal, ACH, and Fedwirehttps://t.co/hwXCV1VYAh pic.twitter.com/OXHtvAIf2E
— BitKE (@BitcoinKE) November 18, 2024
Highlighting the transformational nature of the product, the technology, and approach, Lattice added:
“By leveraging the power of stablecoins, Accrue is poised to transform the financial landscape through its innovative product, Cashramp, and create a truly borderless commerce ecosystem.
This breakthrough technology not only solves the immediate pain points of cross-border payments but also lays the foundation for a more connected and efficient financial system across Africa.”
With a user base exceeding 200,000 and a lean team of just 18 employees, Accrue plans to utilize its newly raised funds to expand its payment infrastructure across Africa. The company also aims to enhance its product suite and enter new markets, empowering more users with tools that make global commerce effortless and accessible.
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