Fintech startup Accrue has raised $1.58 million in seed funding to expand its cross-border payment services across Africa. The round was led by Lattice Fund and participated in by Kraynos Capital, Distributed Capital, Lava, and Maven 11.

This investment will be channeled into expanding Accrue’s payment infrastructure, growing its team, and enhancing its product offerings to address critical financial challenges on the continent.

Founded in 2021 by Zino Asamaige, Adesuwa Omoruyi, and Clinton Mbah—former employees of Helicarrier—Accrue initially launched as a platform for simplified crypto investments. However, following the crypto market downturn in 2022, the startup pivoted to focus on solving Africa’s cross-border payment issues.

Accrue employs an agent network model, inspired by platforms such as MPESA and Moniepoint, to facilitate faster and more reliable money transfers. The startup boasts transaction times of under five minutes, serving over 200,000 users across eight African countries, including Nigeria, Ghana, Kenya, and South Africa.

Accrue generates revenue through transaction fees, foreign exchange spreads, and penalties for prematurely ending auto-investment plans. While crypto investment remains a part of its offerings, the startup has shifted its focus to core services like dollar savings and online payments via virtual cards, discontinuing stock trading.

By leveraging stablecoins—digital currencies pegged to assets like the US dollar—Accrue circumvents inefficiencies in traditional banking systems, enabling faster and more cost-effective cross-border transfers.

With its innovative approach and rapid growth, Accrue is positioning itself as a key player in Africa’s dynamic fintech ecosystem, addressing the continent’s urgent financial challenges and driving economic inclusion.