Accrue, a fintech startup simplifying cross-border payments across Africa, has much to celebrate as it marks its third anniversary. The milestone coincides with the announcement of a $1.58 million seed funding round led by Lattice Fund, with additional participation from Maven 11, Lava, Kraynos Capital, Distributed Capital, and strategic angel investors.
The funding will enable Accrue to expand its payment infrastructure across the continent, enhance its product offerings, and scale its team of 18 talented individuals. Since its launch, Accrue has grown to serve over 200,000 users and has emerged as a key player in Africa’s fintech ecosystem.
A Humble Beginning
Founded by Clinton, Adesuwa, and Zino, Accrue started with a vision to make investing in crypto and stocks more accessible for beginners. The co-founders’ first breakthrough came when Tomiwa, their former boss, wrote the startup’s first check, fueling their belief in the idea.
The platform launched with a Dollar-Cost Averaging (DCA) tool that quickly gained popularity during its private beta in 2021. Within three months, users had deposited $100,000 into the app, and revenue began rolling in, driven by the crypto boom.
Challenges and Resilience
Like many startups, Accrue faced its share of challenges. In 2022, the crypto market crash caused a significant downturn, drying up investor interest and revenue streams. Despite a product users loved, fundraising proved difficult due to unfavorable market conditions.
Faced with dwindling funds, the team pivoted their business model multiple times, endured an eight-month period without pay, and made tough decisions, including salary cuts and temporary layoffs. While early pivots didn’t yield the desired results, the team’s resilience and adaptability kept the dream alive.
The Game-Changer: Cashramp
Accrue’s turning point came unexpectedly in November 2022 when they noticed a Ghanaian user utilizing their app to send money to Nigeria. Realizing the potential of their tool, the team pivoted again, this time focusing entirely on cross-border payment infrastructure.
The result was Cashramp, which quickly became Accrue’s flagship product. In just seven months, Cashramp transformed from a minor feature into the company’s primary revenue driver. By mid-2023, Accrue reached profitability, a significant milestone in its journey.
Building for the Future
Accrue has since introduced features like the Accrue Card, virtual US bank accounts, and soon, direct USD payouts. These additions cater to the evolving needs of its users, guided by consistent feedback from its community.
The company’s remarkable growth is a testament to the dedication of its team and the trust of its users. “We’ve come so far in these 1,077 days, and we couldn’t have done it without our incredible team, Cashramp agents, investors, and users. Thank you for being part of our journey,” the co-founders shared.
As Accrue enters its fourth year, the team is excited to scale its operations further and continue its mission of enabling seamless cross-border payments for thousands of Africans.
A Message for Aspiring Entrepreneurs
Reflecting on their journey, the co-founders offered advice to aspiring entrepreneurs: “Building a business is challenging and uncertain, but the key is to take the first step, stay adaptable, and keep pushing forward. The journey is worth it.”
Happy third anniversary to Accrue—here’s to many more milestones ahead!
