Grey, a Y Combinator-backed fintech startup, has announced its expansion into Morocco and Egypt. This is marking a major step in transforming how individuals and businesses in North Africa move money across borders. The company’s launch introduces local currency payouts in Moroccan Dirhams and Egyptian Pounds, simplifying international payments for millions of users in the region.
With the region’s remittance market valued at $64 billion annually, Grey’s entry comes at a crucial time when freelancers, students, and remote workers increasingly rely on digital financial tools for faster and cheaper transfers.
Meeting the Rising Demand for Smarter Payments
Grey’s expansion directly addresses the long-standing challenges of high fees, lengthy transfer times, and limited access to international payment systems. Traditionally, users in North Africa face delays of several days and transaction costs as high as 7 percent.
Grey’s platform changes that by enabling near-instant transfers in local currencies at competitive rates. This allows:
- Freelancers and remote workers to receive global payments without excessive charges.
- Students to pay tuition and living costs abroad more conveniently.
- Small businesses to manage international transactions efficiently and transparently.
In 2024 alone, Morocco received $12.8 billion in remittances and Egypt $36.5 billion, underlining the growing need for faster and more reliable payment solutions.
Empowering the Digital Workforce
Grey’s CEO, Idorenyin Obong, emphasized that the North African market is ready for disruption. “We are responding to an overwhelming demand for modern financial services. The region is ready to embrace digital-first payment solutions that offer accessibility, speed, and affordability,” he said.
The company aims to empower users through:
- Multi-currency accounts in USD, EUR, and GBP.
- Real-time currency conversions to local currencies.
- Virtual USD debit cards for online purchases and global payments.
- Support for USDC crypto payments and future physical card rollouts.
These features remove dependence on physical cash collection and outdated banking processes, helping users participate more effectively in the global economy.
Grey’s Growing Global Footprint
Founded in 2022, Grey has grown to serve over 2 million users across 50 countries, with transfer capabilities to more than 170 destinations. The company holds money service licenses in both the United States and Canada, ensuring compliance and security for all transactions.
Backed by Y Combinator, Grey continues to expand its infrastructure to support additional regional currencies and enhance the user experience through its mobile app, available on major app stores.
By combining technology, transparency, and accessibility, Grey aims to become the go-to platform for individuals and businesses seeking global financial inclusion.