Afriex
YC S20San Francisco, US · Founded 2019 · 55 employees · Hiring · 11 known investors
Afriex provides a remittance service enabling immigrants to transfer money to over 25 countries at low costs with rapid settlement.
Also known as Afriex Inc.
Founders & leadership· Y Combinator alumni (S20)
Afriex was founded in 2019 by Tope Alabi and John Obirije.
Investors · 11
Also in the syndicate · 2
Valuation · disclosed
Disclosed eventsSource: SEC prospectus filings, and round valuations the company or its investors disclosed — follow each entry's link for the claim.
Company profile
researched Aug 2026Afriex is a United States-registered financial technology company that provides cross-border payment and money transfer services, operating through a mobile and web-based wallet that supports person-to-person and business payments. Founded in 2019, the company initially served remittance corridors linking the African diaspora with their home countries, and later extended coverage to other markets including Pakistan and China. Afriex Inc. is a corporation registered in Delaware; it describes itself as a fintech company rather than an FDIC-insured bank.
Beyond remittances, the app offers a set of consumer financial products: multi-currency transfers across 30+ currencies, virtual USD, GBP and EUR accounts in the user's name for receiving payments from international clients and platforms, an instant-issue debit card for online purchases and subscriptions, a credit-builder feature available only to US customers, and a rewards/referral points program. A separate enterprise service, AFX for Business, targets companies making cross-border payments. The company states that 99% of transfers are delivered in under 20 seconds, that it is PCI DSS compliant and encrypts personal data, and that support is available around the clock by email, chat and phone.
Supported send corridors described by the company run from the USA, UK, Canada and European countries (France, Italy, Germany, Spain, Ireland, Netherlands, Romania, Belgium) to destinations including Nigeria, Ghana, Cameroon, Kenya, Uganda, Ivory Coast, Egypt, Ethiopia and Pakistan, with country pages covering a wider list across Africa plus China and India.
Founding story
Afriex was founded in 2019 by Tope Alabi (CEO) and John Obirije (CTO) to address cross-border transfers that were slow, expensive and unfair, starting as a simple MVP built for friends and family.
Business model
Afriex operates a consumer money-transfer and wallet platform, monetising cross-border transfers through exchange rates and low or zero transaction fees, alongside adjacent products such as virtual multi-currency accounts, debit cards and a credit-builder service. An enterprise arm, AFX, provides cross-border payment services to businesses.
The company advertises competitive exchange rates with zero to low fees on transactions; card, global account, credit-builder and business (AFX) products form additional service lines.
Traction
The company reports 600,000+ active users and 50+ countries served. Its iOS app holds a 4.7 rating from about 8,700 ratings, and the company cites 4.8-star ratings on both the App Store and Google Play. Y Combinator lists a team size of 55.
Latest developments
In November 2025, Afriex and Visa announced a partnership to deliver real-time cross-border payments to more than 160 markets. Earlier in 2025 the company expanded money transfer services into China, India and Pakistan, and its stated coverage grew to more than 40 regions worldwide.
▸Full profile — market position, technology, go-to-market, geography, history, risks & controversies
Market position
Afriex is a Y Combinator-backed remittance provider competing in the diaspora money-transfer market, with reported operations spanning more than 40 regions as of 2025.
The company emphasises near-instant settlement (99% of transfers in under 20 seconds), zero-to-low fees, and a bundled product set combining remittances with global accounts, cards and US credit building.
Technology
Afriex runs a mobile and web wallet integrated with local financial systems for real-time settlement, and has been described in press coverage as a blockchain-based money transfer platform. It states that it encrypts personal data and is PCI DSS compliant.
Go-to-market
Distribution is primarily through consumer iOS and Android apps and the web, supplemented by referral rewards, an affiliates and partners program, a creator program and POS agents.
Immigrants and diaspora communities sending money home, freelancers, remote workers, content creators receiving international payments, and businesses making cross-border payments.
Geography
Headquartered in San Francisco per its Y Combinator profile, with corporate registration in Wilmington, Delaware. Send markets include the US, Canada, UK and EU countries; receive markets span much of Africa plus Egypt, Pakistan, India and China.
History
After launching in 2019, Afriex joined Y Combinator's Summer 2020 batch. It raised a $1.2 million seed round in March 2021 led by Y Combinator and a $10 million Series A in April 2022 led by Dragonfly Capital with participation from EMURGO (Cardano) and others, reported at a valuation of roughly $60 million. In June 2023 it partnered with Tech Herfrica to provide Nigerian women in agriculture with free smartphones, POS devices, microfinance loans and digital resources. It expanded its network connecting Europe to Africa in 2024 and launched corridors into China, India and Pakistan in 2025.
Risks & controversies
The company is a fintech and not an FDIC-insured bank, so customer balances are not covered by deposit insurance.
Compiled by commissioned research from 5 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 7
launches, deals, and filingsAfriex and Visa partnered to deliver real-time cross-border payments to more than 160 markets.
Afriex launched money transfer services into new corridors covering China, India and Pakistan.
Afriex broadened its corridors linking Europe with Africa.
Afriex and Tech Herfrica supported Nigerian women in agriculture with free smartphones, POS devices, microfinance loans and access to digital resources.
Afriex raised US$10 million led by Dragonfly Capital with participation from EMURGO (Cardano) and other investors, at a valuation of roughly US$60 million.
$10M source ↗
Afriex raised US$1.2 million led by Y Combinator with other investors to expand its remittance and payments infrastructure.
$1.2M source ↗
Afriex was accepted into Y Combinator's Summer 2020 accelerator batch.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
In the news
▸Research sources · 5
primary sources listed
- Afriex: International Money Transfer | Send Money to Africaafriex.com · web
5 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Afriex do?
- Afriex is a US fintech offering instant, low-fee cross-border money transfers, global accounts and cards for immigrants.
- Who founded Afriex?
- Afriex was founded by Tope Alabi, John Obirije in 2019.
- Who are Afriex's investors?
- Afriex's investors include Adaverse, Brightstone Venture Capital, Dragonfly, Founders, Metastable, Open Opportunity Fund, Precursor Ventures, Vibe Capital and 1 more.
- Where is Afriex headquartered?
- Afriex is headquartered in San Francisco, US.