The past year has been a rollercoaster for African founders, particularly dealing with global finance. A few weeks back, African founders woke up to the news that Mercury Bank, a popular choice for international transactions for African founders, is closing the accounts of users in thirteen African countries and some other countries. Users in these countries will have their accounts shut down by August 22, 2024, forcing them to seek out alternatives. This news sent shockwaves through the ecosystem. Mercury Bank had become the preferred alternative for African founders after the Silicon Valley Bank crash.
This latest ecosystem disruption highlights the common problem for African founders. Accessing global financial services has always been fraught with challenges for African founders. Financial institutions offering services to Africans often face regulatory scrutiny because some countries in Africa and other global regions are considered high-risk areas. On the other hand, in countries like Nigeria, traditional banks often impose high fees, have lengthy account-opening processes, and limit international transactions. This leaves most startups with limited and restrictive banking options, which ultimately hinders their ability to thrive and compete globally.
With the recent Mercury Bank ban Graph, a B2B Spend Management platform has found itself in the limelight as affected founders frantically search for alternatives. Graph provides African founders with options including; USD account creation; multi-currency wallets, so users can hold USD, Euro, and GBP in dedicated wallets; global payment options, so businesses can send and receive payments seamlessly to over 100 countries; and also corporate dollar cards. Graph also offers a 24 to 48 hours USD account creation. This enables businesses to start receiving and sending international payments as quickly as possible.
For founders affected by the recent restrictions, Graph is offering a secure and reliable alternative.
The solution to global banking for African founders
Graph was founded by Abdul Akubo and officially launched in 2023 after months of operating in private beta. After working for years in the finance space and dealing with the challenges of cross-border banking first-hand, Abdul decided to create a solution to tackle this banking problem for African founders. That solution is Graph.
Besides USD accounts and dollar cards, Graph also offers a suite of features that may appeal to African founders interested in elevating their global banking experience and operating better.
Using Graph‘s global payment options businesses can create better international partnerships and expand their market reach. Startups can also leverage the platform to save on currency exchange rates by holding funds in different currencies. This is a valuable tool for hedging against currency fluctuations. Graph also provides FDIC insurance coverage of up to $250,000, securing the funds of businesses on board.
The road ahead
The reception of Graph has been good so far. According to insights from the company, the growth has been 50% month-on-month which reinforces their belief that Graph is what African founders have always needed. One of the company’s biggest accomplishments has been processing over $120 million in its first operational year while in private beta. The company currently works with some tech companies in Africa including Bridgecard and Chow Central.
Graph is providing African founders with the financial infrastructure needed to compete on the international stage. With Graph, businesses can focus on their core competencies, knowing their financial transactions are handled efficiently and securely.
Visit Graph and sign up to get started.
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