Company Research Report: Grey

Company Overview

Name: Grey

Mission: No information is available.

Founded By: Idorenyin Obong and Femi Aghedo

Founded In: 2020

Key People:

Idorenyin Obong: CEO and Co-Founder

Femi Aghedo: Co-Founder

Headquarters: No information is available.

Number of Employees: 50+ across six countries.

Revenue: No information is available.

Known For: Grey is known for simplifying sending and receiving foreign payments for freelancers, remote workers, and businesses, offering digital foreign accounts, virtual cards, and currency exchange services.

Products

Foreign Bank Accounts

Description: Grey provides free foreign bank accounts in a matter of minutes to receive and access global payments at any time. Accounts are available in USD, GBP, and EUR.

Key Features:
1. Zero account and card maintenance fees.
2. Competitive exchange rates.
3. Instant transaction notifications.
4. An IBAN for business needs.
5. P2P for free and faster payments.
6. Expense management.

Currency Exchange

Description: Grey offers a platform for converting money between major world currencies at competitive rates. Users can swap between local and foreign currencies instantly.

Key Features:
1. Best market exchange rates.
2. Instant conversions.
3. Multiple accepted currency pairs.
4. Exchange rates page.
5. Anti-fraud protection.
6. Withdrawals to local accounts.

Virtual Cards

Description: Grey issues virtual debit cards for making secure international payments. These cards can be used for online shopping, paying subscriptions, and making travel bookings.

Key Features:
1. No account maintenance fees.
2. Instant transaction notifications.
3. Spend insight tools.
4. Anti-fraud protection.
5. Card restrictions and security features like freezing.

Money Transfer

Description: Grey facilitates sending money across the globe, providing instant, secure deposits into any bank account at competitive rates.

Key Features:
1. 100% digital transfers.
2. Speedy bank transfers.
3. Fair and transparent fees.
4. Multiple payment schemes.
5. Instant transaction notifications.
6. Free P2P transfers.

Recent Developments

Seed Funding

Date: August 29, 2022

Description: Grey raised $2 million in seed funding, with investors including Y Combinator, Soma Capital, Heirloom Fund, True Culture Fund, and notable angels like Alan Rutledge and Samvit Ramadurgam.

Product Expansion

Description: The company expanded into East Africa, specifically Kenya, by partnering with Cellulant for payment infrastructure and Moringa for tech talent training. Additionally, they've introduced services in Uganda and plan for an upcoming launch in Tanzania.

New Services

Description:

Grey Business: A business-focused product to complement consumer services, launched privately.

New Features: Currency payouts in additional East African currencies, specifically Ugandan shillings.

Partnerships

Kenya: Collaborations with payments giant Cellulant and edtech upstart Moringa for expanded service offerings in Kenya.

Rebranding

Date: February 3, 2022

Description: The company rebranded from Aboki Africa to Grey, symbolizing stability, neutrality, and solidity in the financial services industry.

Events and Community Engagement

Event: The Grey8 Escape

Description: Grey’s debut summer event catered to its core audience of freelancers, digital nomads, creatives, and tech talents with music performances, networking opportunities, and community engagement activities.

Additional Event: Clique

Description: An exclusive dinner event to foster networking, share insights, and empower startup founders, featuring industry leaders like Dapo Awobokun from Paystack.