Afriex, a fast-growing fintech startup with roots in Lagos, has announced its expansion into three of the world’s largest remittance markets, including Pakistan, India, and China.
The move comes as demand surges for faster, more affordable cross-border payment solutions, particularly among African traders and diaspora communities engaging with Asia’s dominant economies.
The startup, founded by Tope Alabi and John Obirije, used a real-time, multi-currency payment infrastructure that enabled users to send and receive money in local currencies between Africa and other global regions.
Afriex targets modern trade and migration with fast transfers
Afriex says its mobile app can process 90 percent of transactions in under two seconds by bypassing traditional channels such as SWIFT.
“Our money transfers to India and Pakistan are instant, just like sending money to a friend or paying your Uber driver,” said Afriex’s co-founder and CEO, Tope Alabi. “Although on China’s side we are not yet at the same level of instant, but we’re getting close.”
The platform expansion reflects the increasing complexity of global trade routes and migration patterns, which continue to surge in India, China, and Pakistan, with $120 billion, $50 billion, and $27 billion in 2023, respectively.
As a result, these flows are driven by family support and the rising trade volume between African small and medium-sized enterprises, SMEs and Asian suppliers.
To meet these demands, the startup eliminates transaction fees on transfers over $10 and instead earns revenue from foreign exchange (FX) spreads.
“We find the very best exchange rates from local currency to foreign currency, and then give that to our customers at a reasonable margin,” Alabi explained. “That makes sense for both the customers and for the business.”
African fintechs scale global ambitions
The startup moved into Asia, joining the new trend among African fintech startups seeking development beyond the continent.
The company has raised $11.2 million to date, including a $10 million Series A round in 2022, which was valued at $60 million.
Alabi revealed they are in talks for a new funding round, expected in early 2026, to accelerate growth further.
The move also places Afriex in direct competition with other African fintech players like Flutterwave, which entered India in 2023 through a local partnership, and LemFi, which raised $53 million in early 2025 to expand into Asia and Europe.
By targeting underserved payment corridors and offering real-time, mobile-first solutions, Afriex is positioning itself as a major player in the evolving landscape of global remittances and trade finance.
It remains to be seen whether it can scale operations, maintain regulatory compliance, and deliver consistently across markets, but the foundations are firmly in place.