Afriex has expanded its operations into Asia’s largest remittance markets, including China, India, and Pakistan, to meet the growing demand for fast and affordable international money transfers.
This strategic move positions Afriex well to serve a rising number of African merchants and diaspora communities engaged in foreign trade or sending money home.
Afriex facilitates cross-border transactions by allowing users to send and receive money in local currencies between Africa and other regions, bypassing traditional systems like SWIFT. The company has built a multi-currency payment infrastructure that processes transactions in real time, offering services via its mobile app with local banking integrations.
Growing demand for cross-border payments
This expansion aligns with the global increase in cross-border transactions driven by migration, international trade, and remote work. In 2024, the Asia-Pacific region accounted for about 26% of the estimated USD 190 trillion in worldwide cross-border transactions, according to market data. India received approximately 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 globally.
Target audience and challenges
Afriex’s services are targeted at African traders and global diaspora populations who import goods or support families in these markets. To encourage adoption, Afriex charges no transaction fees on transfers over USD 10 and generates revenue through foreign exchange spreads.
The startup secured USD 1.2 million in seed funding in 2020 and raised an additional USD 10 million in a Series A round in 2022, valued at USD 60 million. Afriex is preparing for another fundraising initiative to further its growth.
Afriex is part of the expanding group of African fintech companies that are moving into global markets to capture new remittance and trade opportunities. In 2023, Flutterwave entered India with a local bank partnership, while remittance startup LemFi raised USD 53 million in early 2025 to bolster its presence in Asia and Europe.
