Grey’s next bet is making African trade less dependent on the dollar
Grey says it has built direct currency conversion routes to help African businesses pay suppliers without first changing their money into US dollars.
Grey, a startup backed by Y Combinator, aims to reduce African businesses' reliance on the US dollar for international transactions. The company has developed direct currency conversion routes, eliminating the need for multiple currency conversions between African countries. Idorenyin Obong, Grey's CEO, highlighted payment reliability and foreign exchange liquidity as significant obstacles in cross-border payments.
The company has invested in infrastructure that allows customers in Nigeria, Kenya, and Ghana to collect and send money in various currencies, reducing settlement times and the need for intermediaries. Grey's infrastructure enables real-time settlements in multiple currencies, minimizing costs and operational risks. Despite Grey's efforts, many payments between African countries still pass through external correspondent banking networks, increasing costs and exposing businesses to risks.
Grey provides estimated payment delivery times and has invested in improving the reliability of international payouts, achieving a 99.99% delivery rate. The company has processed over 40 million transactions and nearly $5 billion in payments since its inception. Grey's latest offering, Paycheck, allows professionals earning in foreign currencies to manage their salaries, with features for separating spending and saving.
The company is also exploring additional benefits, such as credit and lifestyle rewards. As Grey expands its services, the company aims to consistently solve the challenges businesses face in international transactions.
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