Nigerian Fintech Startup Accrue Secures $1.58M Seed Funding for Cross-Border Payment Expansion in Africa

Accrue, a Nigerian fintech startup, has secured $1.58 million in seed funding, led by Lattice Fund, with participation from Kraynos Capital, Distributed Capital, Lava, and Maven 11. The funding will enable the company to enhance its payment infrastructure, expand its team, and improve product offerings.

Addressing Africa’s Cross-Border Payment Challenges

Founded in 2021 by Zino Asamaige, Adesuwa Omoruyi, and Clinton Mbah, Accrue initially focused on simplifying crypto investments. However, after the 2022 crypto market downturn, the company pivoted to cross-border payment solutions, addressing Africa’s long-standing challenges of high costs, delays, and limited accessibility in financial transactions.

Drawing inspiration from platforms like MPESA and Moniepoint, Accrue employs an agent network model to facilitate transactions, particularly in regions with limited banking infrastructure. This model ensures payments are completed in under five minutes, providing speed and convenience to its growing user base.

Today, Accrue serves over 200,000 users across eight African countries, including Nigeria, Ghana, Kenya, and South Africa.

Diverse Revenue Streams and Scalable Solutions

Accrue generates revenue through transaction fees, foreign exchange spreads, and penalties for early withdrawal from auto-investment plans. The startup also incorporates stablecoins—cryptocurrencies pegged to the US dollar—to enable faster, more reliable cross-border transactions while bypassing inefficiencies in traditional banking systems.

Although the company has retained its crypto investment feature, it discontinued stock trading in 2024 to focus on core offerings such as dollar savings and virtual card payments.

Aiming for Financial Inclusion and Growth

As a key player in the African fintech ecosystem, Accrue continues to tackle critical financial needs by combining innovation with practicality. With its latest funding, the company is well-positioned to scale its solutions and foster financial inclusion in Africa’s evolving market.

According to Zino Asamaige, co-founder of Accrue, “Our mission is to simplify financial transactions for Africans and create scalable solutions that address real-life challenges. This funding is a step closer to making our vision a reality.”