Nigerian Fintech Accrue Surpasses 200K Users, Raises $1.58M to Build Stablecoin-Based Agent Banking Product
Accrue plans to utilize its newly raised funds to expand its payment infrastructure across Africa.
Nigeria-based fintech startup Accrue, which launched in 2021 as a cryptocurrency investment platform, has secured $1.58 million in seed funding to further its mission of making global payments seamless for African businesses and individuals.
The funding round was led by Lattice Fund and saw participation from Maven 11, Lava, Kraynos Capital, Distributed Capital, and various angel investors.
This investment marks a significant milestone in Accrue’s evolution, as the company pivots from its initial focus on crypto investments to building a stablecoin-powered agent banking network that simplifies cross-border payments for millions of Africans.
From Crypto Investments to Payments Powerhouse
Accrue’s journey hasn’t been without turbulence. Like many Web3 startups, the company faced massive highs followed by sharp declines during the 2022 crypto market downturn. Recognizing the need for a more resilient and utility-driven model, Accrue repositioned itself as a fintech solution tackling Africa’s complex cross-border payment challenges.
This strategic shift led to the introduction of CashRamp, Accrue’s flagship product, which provides users with:
✅ Virtual cards for online transactions
✅ U.S. bank accounts for seamless global payments
✅ Online store solutions tailored for African entrepreneurs
By mid-2023, CashRamp became Accrue’s primary revenue driver, pushing the company toward profitability while rapidly expanding its user base.
Agent Network: The Game-Changer for Stablecoin Adoption
A standout feature of Accrue’s ecosystem—one that captured the attention of lead investor Lattice Fund—is its growing agent network. This network consists of P2P traders who facilitate the seamless conversion of cash to stablecoins, enabling users to send and receive payments across borders with minimal friction.
According to Lattice Fund:
“Accrue’s CashRamp is an agent network that seamlessly bridges fiat and crypto, enabling users to enjoy the benefits of programmable money without requiring extensive crypto knowledge.”
This system empowers users by making transactions:
⚡ Fast – Settlements in under five minutes
💰 Affordable – Lower costs than traditional remittance methods
🌍 Accessible – No need for extensive crypto expertise
A Bold Vision for Africa’s Financial Future
Lattice Fund further emphasized that Accrue’s stablecoin-driven infrastructure is revolutionizing cross-border finance:
“By leveraging the power of stablecoins, Accrue is poised to transform the financial landscape through its innovative product, CashRamp, and create a truly borderless commerce ecosystem.”
With over 200,000 users and a lean but highly efficient team of 18 employees, Accrue’s next phase involves:
✅ Expanding its payment infrastructure across Africa
✅ Enhancing its product suite to serve more entrepreneurs and businesses
✅ Entering new markets to make global commerce effortless for Africans
As stablecoins continue to gain traction as a reliable financial tool in emerging markets, Accrue is positioning itself as a leading force in Africa’s fintech revolution.
🔗 Stay tuned for more updates on Accrue’s journey and the future of stablecoin adoption in Africa!
