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Cross-border Payments Provider Afriex Receives Funding From Stellar DF

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The Stellar Development Foundation (SDF) has announced the launch of the $30 Million Matching Fund which takes a novel approach by co-investing alongside investors globally, matching investments raised from a lead investor up to $500,000. 

The Fund is for pre-seed to Series B companies interested in building on the Stellar blockchain and provides a new opportunity for early-stage companies to augment their existing fundraising efforts.

The Fund’s first four investments includes Afriex a cross-border payments service provider for free remittance in Africa. SDF announced its support on a range of companies working on diverse markets and use cases, from payroll in Latin America to remittances in Africa.

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About Afriex:

Afriex is a payment app that is addressing the issue of slow and expensive remittance payments. They provide free cross-border payments for users in emerging markets including Nigeria, Ghana, Kenya, and Uganda, and integrating with the Stellar anchor network could help them expand into new markets. Co-investors in Afriex include Future Africa, Softbank Opportunity Fund, and Precursor Ventures.

About Stellar‍

Stellar is a decentralized, fast, scalable, and uniquely sustainable network for financial products and services. It is both a cross-currency transaction system and a platform for digital asset issuance, designed to connect the world’s financial infrastructure. For more information, visit stellar.org.‍

About the Stellar Development Foundation‍

The Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the world’s financial infrastructure. Founded in 2014, the Foundation helps maintain Stellar’s codebase, supports the technical and business communities building on the network.

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