Afriex has entered Asia's largest remittance markets, China, India, and Pakistan, to meet the rising demand for quick and affordable cross-border payments.
The decision positions Afriex to cater to an increasing number of African merchants and diaspora communities engaged in foreign trade or remitting money back home.
Afriex enables users to send and receive money in local currencies between Africa and other regions, circumventing traditional payment systems like SWIFT. The company has developed a multi-currency payment infrastructure that processes transactions in real time, delivering services through its mobile app with local banking integrations.
Growing demand for cross-border payments
Furthermore, this expansion coincides with a global surge in cross-border payments, fuelled by migration, international trade, and remote work. In 2024, the Asia-Pacific region represented approximately 26% of the global USD 190 trillion in cross-border transactions, according to market data. India received USD 120 billion in remittances in 2023, followed by China with USD 50 billion and Pakistan with USD 27 billion, ranking among the top five recipient countries worldwide.
Target audience and challenges
Afriex’s services are aimed at African traders and global diaspora populations who import goods or support families in these markets. To encourage adoption, Afriex eliminates transaction fees on transfers over USD 10 and generates revenue through foreign exchange spreads.
The startup, which secured USD 1.2 million in seed funding in 2020 and subsequently raised USD 10 million in a Series A round in 2022, achieving a valuation of USD 60 million, is preparing for another fundraising initiative.
Afriex is part of an expanding group of African fintech companies venturing into global markets to tap into new remittance and trade opportunities. In 2023, fintech unicorn Flutterwave made its entrance into India by collaborating with a local bank. Additionally, remittance startup LemFi raised USD 53 million in early 2025 to boost its growth in Asia and Europe.
