Grey (company)
| Company type | Private |
|---|---|
| Industry | Financial services, Fintech |
| Founded | 2020 |
| Founder | Idorenyin Obong, Femi Aghedo |
| Headquarters | Delaware , United States |
Area served | Africa, United States, Europe, Latin America, Southeast Asia |
| Products | International money transfers, currency conversions, virtual foreign currency bank accounts, digital payments including USD Coin (USDC) |
Grey, initially known as Aboki Africa, is a fintech enterprise based in Delaware, USA. Established in 2020 by Idorenyin Obong and Femi Aghedo amid the global pandemic, Grey designs financial solutions aimed at digital nomads worldwide. The company holds licenses from FinTrac in Canada and FinCEN in the United States, operating within the financial services industry. Its digital platform facilitates international money transfers and currency conversions across regions including Africa, the US, Europe, Latin America, and Southeast Asia.
The organization transitioned its brand identity from Aboki Africa to Grey in 2022.
History
Originally launched as Aboki Africa in July 2020, the company rebranded to Grey in 2022 and participated in Y Combinator's Winter Batch Accelerator Program (YC W22) after securing a pre-seed investment led by Ingressive Capital. This achievement significantly enhanced its market presence and capital for growth.
During 2022, Grey secured $2 million in seed capital aimed at expanding its footprint into Kenya and the broader East African region. By November 2023, its user base reached half a million, which subsequently surpassed one million by August 2024.
That same year, Grey formed a partnership with Cellulant, a pan-African payment solutions provider, to deliver foreign bank accounts, instant currency exchanges, and cross-border transfers to Kenyan clients. Cellulant manages disbursements to local banks and mobile money services such as M-Pesa.
By 2024, Grey had broadened its operations into Latin America and Southeast Asia, introducing payout capabilities across more than 80 countries, including transfers of USD Coin (USDC) via Ethereum and TRON blockchain networks. To date, Grey has raised $2 million through two seed funding rounds from investors like Y Combinator, Samvit Ramadurgam, Soma Capital, Alan Rutledge, Heirloom Investment Management, True Culture Fund, and Karthik Ramakrishnan.
East African expansion
In 2022, Grey extended its presence into East Africa by launching a regional office in Kenya, building upon its established growth in West African markets such as Nigeria and Ghana. Kenya was chosen due to its substantial remittance inflows amounting to $4 billion in 2022, which accounted for over 3% of the nation's GDP.
Grey’s offerings in Kenya include virtual foreign currency bank accounts denominated in USD, GBP, and EUR that allow clients to receive international payments and convert them into local currency. These services are primarily tailored for freelancers, remote professionals, and small enterprises dependent on cross-border financial transactions.
By 2024, Grey had amassed 300,000 users within the region and planned further expansion into neighboring countries including Uganda and Rwanda.
Latin America and Southeast Asia
In July 2024, Grey broadened its cross-border financial service portfolio beyond Africa by entering markets in Latin America (LATAM) and Southeast Asia (SEA). Its focus in LATAM concentrated on Brazil and Mexico where significant portions of the population remain unbanked.
Within Southeast Asia, Grey targeted countries such as Indonesia and the Philippines by capitalizing on robust remittance flows and an expanding gig economy. Across both regions, the company introduced payouts using USD Coin (USDC) through Ethereum or TRON blockchain networks to external wallets, enhancing its suite of digital payment options.