Cross-Border Payments Startup Grey Targets $64B North Africa Market with Morocco and Egypt Launch
Y Combinator-backed fintech expands into the region as remittances surge and launches Dirham and Egyptian pound payouts to serve North Africa's growing digital economy.
SAN FRANCISCO, Oct. 15, 2025 /PRNewswire/ -- Y Combinator-backed cross-border payments startup Grey has launched support for Morocco and Egypt, enabling users in the country to send and receive international payments with greater speed and convenience. Grey targets North Africa's $64 billion annual remittance market with instant local currency payouts.
The expansion allows users in Morocco and Egypt to receive international payments in local currency within minutes. It targets thousands of students, freelancers, and remote workers who currently face week-long delays and fees of up to 7% through traditional banks.
Remittances from Moroccans abroad hit a record of $12.8 billion in 2024, with Egypt recording $36.5 billion in international remittances between 2024 and 2025. Yet, most recipients still endure the same outdated banking infrastructure that has dominated the region for decades.
"North Africa represents a massive untapped opportunity," said Idorenyin Obong, CEO of Grey. "We're seeing incredible demand from users in Casablanca and Cairo who are tired of losing money to outdated payment systems. The region is ready for modern financial infrastructure."
He added, "Every week we hear from developers, designers, and entrepreneurs across North Africa building amazing businesses but getting held back by their banks. We're here to change that and to give them the same financial tools that other regions already have access to."
The timing reflects North Africa's digital transformation, with growing numbers of freelancers, students, and remote workers in both countries still relying on costly wire transfers or informal money transfer networks.
Grey's approach provides users with USD, EUR, and GBP bank account details, allowing international clients to pay in those currencies instantly. Users can convert funds to local currency in under 10 minutes at real-time exchange rates. The launch puts Grey in competition with traditional remittance providers, which typically charge 5-7% in fees and require physical pickup locations.
Grey, which graduated from Y Combinator's Winter 2022 batch and serves over 2 million users across 50+ countries, now supports transfers to 170+ countries. The company holds money service business licenses in the US (FinCEN) and Canada (FINTRAC). Its goal is simple: to eliminate the barriers that prevent talented people from participating in the global economy.
The expansion is part of Grey's broader MENA support strategy, with additional North African currencies expected later this year. Users in Morocco and Egypt can sign up at www.grey.co. The Grey app is also available for download on the App Store and Google Play Store.
Grey's service also includes virtual USD debit cards, support for USDC cryptocurrency payments, and physical cards coming to the region soon.
About Grey
Grey is at the forefront of providing secure and convenient global banking solutions to meet the needs of customers and businesses. Grey holds a Money Service Business license from FINTRAC in Canada, and FinCEN in the USA, and our primary focus is emerging markets. Our range of services enables individuals and businesses to easily own and manage multi-currency accounts. This includes currency exchange, sending and receiving payments to and from over 170 countries, as well as access to virtual cards.
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