Accrue, the cross-border infrastructure platform has a $1.58 million seed round to power cross-border payments in Africa. The round was led by Lattice Fund, with participation from Maven 11, Lava, Kraynos Capital, Distributed Capital, and other strategic angel investors.
The funding will enable the company to expand its payment infrastructure across Africa, enhance product offerings, and hire additional talent.
What does Accrue do?
Founded in 2021 by Clinton Mbah, Adesuwa Omoruyi, and Zino Asamaige, Accrue initially aimed to simplify investing in cryptocurrencies and stocks for beginners. However, following the crypto market downturn in 2022, the company identified a pressing need for efficient cross-border payment solutions within Africa. This led to the development of Cashramp, a cross-border payment infrastructure that enables users to send money across African countries seamlessly. With Accrue, users can transfer funds to any bank, mobile money account, or MPesa within five minutes, ensuring fast and reliable transactions.
Since its pivot to focus on cross-border payments, Accrue has experienced remarkable growth. Over the past three years, the platform has attracted over 200,000 users, facilitating swift and secure transactions across the continent. Cashramp has evolved from a minor feature to becoming the company’s primary revenue driver. As a result, by mid-2023, the company achieved profitability, underscoring the effectiveness of its strategic direction and the robust demand for its services.
