Afriex, a cross-border payment startup headquartered in Lagos and San Francisco, has expanded its operations into China, India, and Pakistan—Asia’s three largest remittance markets. This strategic move aims to meet increasing demand from African merchants and diaspora communities engaged in international trade and remittances. The company’s real-time, affordable transfers are designed to streamline the complex process of sending money across borders.
From African Roots to Global Reach
Founded in 2019 by Tope Alabi and John Obirije, Afriex has built a multi-currency payments infrastructure that bypasses traditional systems like SWIFT. Through its mobile app and local banking integrations, Afriex enables users to send and receive money in local currencies with remarkable speed. According to the company, 90% of transactions are completed in under two seconds, making it one of the fastest cross-border platforms in the market.
High-Speed Transfers in India and Pakistan
Afriex’s services in India and Pakistan now offer instant transfers, akin to sending money to a friend or paying for a ride. CEO Tope Alabi emphasized the ease and speed of transactions in these countries, a significant upgrade for users accustomed to delays and high fees. While transfers to China are not yet instant, Alabi noted the company is working to achieve real-time functionality by the end of 2025.
A Rising Tide of Global Payments
The expansion comes amid a surge in global cross-border payments, fueled by migration, remote work, and international trade. In 2024, the Asia-Pacific region accounted for roughly 26% of the global $190 trillion in cross-border transaction volume. India, China, and Pakistan ranked among the world’s top five remittance-receiving nations, collectively drawing nearly $200 billion in inbound flows.
Solving Pain Points for African Traders
Afriex’s core customers include African merchants importing goods from Asia and diaspora members supporting families back home. Alabi highlighted how slow settlement times, underdeveloped financial infrastructure, and high remittance costs have long impeded cross-border transactions for these groups. The company’s real-time services aim to remove these frictions, enabling more seamless trade and support between continents.
Revenue Model and User Incentives
To accelerate adoption, Afriex waives transaction fees on transfers exceeding $10 and instead generates revenue through foreign exchange spreads. This model allows the startup to offer competitive rates while maintaining profitability. Alabi explained that exchange rates on the platform dynamically adjust to reflect market conditions, ensuring transparency and fairness for users.
Navigating Challenges in New Markets
Despite the promise, Afriex’s expansion into Asia has not been without obstacles. Regulatory compliance, documentation requirements, and language barriers—particularly in China—pose significant hurdles. Alabi pointed out that issues like inconsistent name verifications and the prevalence of identical business names complicate remittance processes in the Chinese market.
Local Partnerships Enable Progress
To address these challenges, Afriex partners with local firms in China, India, and Pakistan, gaining access to regulatory insight and regional expertise. These collaborations help the startup navigate varying compliance requirements and improve the reliability of its services. The company is optimistic that by leveraging local knowledge, it can achieve parity in transaction speeds across all three markets.
Looking Ahead: Growth and Fundraising Plans
Afriex is positioning itself for further growth, following a $1.2 million seed round in 2020 and a $10 million Series A at a $60 million valuation in 2022. Alabi confirmed that the company is actively engaging with investors and anticipates launching a new fundraising round, possibly in early 2026. The upcoming capital will fuel continued market expansion and product development across global corridors.
Afriex’s entry into Asia’s top remittance markets signifies a bold step in redefining cross-border payments for African businesses and diaspora communities. By offering fast, transparent, and accessible payment solutions, the startup is positioning itself at the forefront of a new era in global fintech. As the company scales further, it exemplifies the growing ambition and capability of African fintechs to compete on a global stage.