Accrue, a 2021 crypto investment app, raised USD 1.58 million seed funding led by Lattice Fund. Participating investors included Maven 11, Lava, Kraynos Capital, Distributed Capital, and many angel investors.
The fundraising round signals Accrue’s transition from a crypto investment software to a versatile cross-border payment platform.
Accrue’s cross-border payment solution uses an agent network model inspired by successful platforms like MPESA and Moniepoint.
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Leadership and evolution
The company has flipped twice in three years, becoming a sophisticated cross-border payment platform with a portfolio of services under co-founders Adesuwa Omoruyi and Clinton Mbah.
The firm gained popularity during the crypto boom, but the 2022 market slump reduced cryptocurrency investment.
Recognising this shift, the team focused on providing cross-border payment solutions, a pressing issue for Africans seeking faster and more reliable ways to transfer money across borders.
Cashramp, a flagship product that simplifies global transactions, became the company’s main revenue engine.
Cashramp’s success helped Accrue become profitable by mid-2023, consolidating its position in Africa’s expanding financial sector.
Read also: Moniepoint hits 5.2 billion transactions valued at $150bn
Empower African entrepreneurs globally
The platform now offers virtual cards, US bank accounts, and online stores for African entrepreneurs and businesses entering international markets.
Today, Accrue serves over 200,000 users across eight African countries, including Nigeria, Ghana, Kenya, South Africa, Cameroon, Uganda, Zambia, and Malawi.
It makes money from asset sales and investment fees. The penalty for quitting auto-investment programs before maturity is 1.5%. Like many fintech companies, Accrue makes money on foreign exchange spreads.
Besides improving its products and entering new areas, the business wants to empower more consumers with technologies that make global trade easy and accessible.