Nigerian fintech startup Accrue raises $1.58 million seed round 

Lattice Fund has led a $1.58 million seed round in Accrue which the startup says it will use to grow its payment infrastructure, build its team, and enhance product offerings. Other investors in the round include Kraynos Capital, Distributed Capital, Lava, and Maven 11.Founded in 2021 by former Helicarrier employees Zino Asamaige, Adesuwa Omoruyi, and Clinton Mbah, Accrue began as a tool to simplify crypto investing for the average consumer.Initially, the startup gained traction during the crypto boom, but the subsequent market downturn in 2022 led to a decline in interest and investment in cryptocurrencies. Recognizing this shift, the team pivoted to focus on providing cross-border payment solutions, a pressing issue for Africans seeking faster and more reliable ways to transfer money across borders.Accrue’s cross-border payment solution leverages an agent network model, drawing inspiration from the success of platforms like MPESA and Moniepoint.AdvertisementThis model has proven effective in facilitating transactions, particularly in regions with limited traditional banking infrastructure. The startup claims that its system enables payments to be completed in under five minutes, offering significant convenience to its users.Today, Accrue serves over 200,000 users across eight African countries, including Nigeria, Ghana, Kenya, South Africa, Cameroon, Uganda, Zambia, and Malawi.It generates revenue through multiple channels, including transaction fees for selling assets or investing. For instance, users incur a penalty fee of 1.5% for stopping auto-investment plans before the maturity date. Additionally, like many fintech companies, Accrue earns revenue through the foreign exchange spreads on its transactions.While the company has retained its crypto investment feature, it announced in 2024 that it would discontinue stock trading on the platform. This decision allows the company to focus on its core offerings, which now include enabling users to save in dollars and make online payments using virtual cards issued by Accrue.Cross-border payments remain a significant challenge in Africa, often hindered by high costs, long delays, and limited accessibility.Don’t miss out on Africa’s financial revolutionKeep up with the rapid pace of innovation in Africa’s fintech landscape with Fintech Today. Designed for quick consumption, our exclusive newsletter, trusted by over 1,000 industry leaders, delivers the latest insights, trends, and breakthroughs right to your inbox.Startups like Accrue are addressing these pain points by leveraging stablecoins — cryptocurrencies pegged to stable assets like the US dollar — to facilitate faster and more reliable transactions. This approach circumvents the inefficiencies of traditional banking systems while providing a scalable solution for cross-border transfers.As Accrue continues to expand its user base and refine its offerings, it positions itself as a key player in the African fintech ecosystem, addressing cr