Lattice Fund led a $1.58 million seed round in accumulation that the startup says it will use to grow its payments infrastructure, build its team and improve product offerings. Other investors in the round include Kraynos Capital, Distributed Capital, Lava and Maven 11.
Founded in 2021 by former Helicarrier employees Zino Asamaige, Adesuwa Omoruyi and Clinton Mbah, Accum began as a tool to simplify crypto investing for the average consumer.
Initially, the startup gained traction during the crypto boom, but the subsequent market downturn in 2022 led to a decline in interest and investment in cryptocurrencies. Recognizing this shift, the team pivoted to focus on providing cross-border payment solutions, a pressing issue for Africans seeking faster and more reliable ways to move money across borders.
Accourte’s cross-border payment solution leverages a agent network modeldrawing inspiration from the success of platforms like MPESA and Moniepoint.
This model has proven effective in facilitating transactions, especially in regions with limited traditional banking infrastructure. The startup claims its system allows payments to be completed in less than five minutes, providing significant convenience to its users.
Today, Accum serves more than 200,000 users in eight African countries, including Nigeria, Ghana, Kenya, South Africa, Cameroon, Uganda, Zambia and Malawi.
It generates revenue through multiple channels, including transaction fees for selling assets or investing. For example, users incur a 1.5% penalty fee for stopping self-investment plans before the maturity date. Additionally, like many fintech companies, Accum earns revenue from foreign exchange spreads on its transactions.
While the company has retained its crypto investment function, it announced in 2024 that it will interrupt stock trading on the platform. The move allows the company to focus on its core offerings, which now include users saving in dollars and making online payments using virtual cards issued by Accum.
Cross-border payments remain a significant challenge in Africa, often hampered by high costs, long delays and limited accessibility.
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Startups like Accum are addressing these pain points by leveraging stablecoins – cryptocurrencies pegged to stable assets like the US dollar – to facilitate faster, more reliable transactions. This approach circumvents the inefficiencies of traditional banking systems while providing a scalable solution for cross-border transfers. As Accumulation continues to expand its user base and refine its offerings, it positions itself as a key player in the African FinTech ecosystem, serving critical financial needs in a rapidly evolving market.