Grey, one of the leading startups from Y-Combinator’s Winter 2022 batch, is revolutionising global banking solutions for customers in emerging markets. Grey’s innovative platform allows users to manage multi-currency bank accounts, send real-time international payments to over 80 countries, and utilise virtual cards for seamless cross-border transactions.
As part of Grey’s mission to make it easier for remote workers and location-independent individuals to live and work in the modern world, the company has partnered with Clear Junction, a global payments solutions giant. This partnership allows Grey’s users to receive bank transfers from over 40 countries via Clear Junction’s network, making their remittances much faster than to traditional bank offerings.
How Clear Junction Enhances Grey’s Payment Infrastructure
Founded in 2016, Clear Junction provides a wide range of secure payment processing solutions for financial institutions like Grey, enabling them to:
- Access correspondent accounts for faster payment processing
- Reduce foreign exchange fees and transaction costs
- Minimise settlement times
- Offer multi-country payment options without relying on cash transactions
Clear Junction’s payment platform is backed by robust risk management and secure delivery protocols, ensuring that Grey’s users can send and receive funds across borders confidently while meeting regulatory compliance.
Benefits of the Clear Junction Partnership
For partners like Grey, Clear Junction effectively resolves issues arising from cross-border transactions, such as high foreign exchange fees, transaction costs, and lengthy settlement times. This fintech partnership helps Grey reduce costs and improve efficiency, creating a smoother experience for customers managing international payments.
Clear Junction’s solutions are underpinned by continuous risk management processes and a safe and secure delivery methodology tailored to Grey’s specific requirements. The solution offered by Clear Junction adds transparency to the process, eliminating cash from the equation and focusing solely on bank transfers. Thus, Grey’s customers can send and receive funds across borders effortlessly and safely, knowing that transactions adhere to regulatory compliance.
A Growing Footprint in the Global Digital Economy
Since its inception in 2020, Grey has established itself as a trusted product for the growing global remote workforce. Styling itself as doing “more than remittance,” Grey is committed to improving the interconnectivity of the evolving gig economy.
Founded by Idorenyin Obong and Joseph Femi Aghedo, Grey has amassed almost 2 million users and has witnessed significant growth since securing $2 million in seed funding in March 2022. The YC-backed fintech has since established global partnerships with several companies, including Cellulant, Moringa School, and, most recently, Clear Junction.
“The foundation of what we do at Grey is to demystify access for anyone who needs access to global banking, no matter where they are,” said Idorenyin Obong, CEO and Co-Founder of Grey. “Grey onboards users across 80 countries, including historically excluded regions like Brazil, the Philippines, South Africa, and Indonesia. We’re thrilled about this partnership with Clear Junction because, finding the right partners is crucial for any successful company. Our primary focus is emerging markets, and our collaboration with Clear Junction enables us to offer to more people who need it.”
Joseph Femi Aghedo, Grey’s Co-Founder and COO, added, “Something important to every business is stability, and after months of testing and iteration, we are confident that Clear Junction Limited can offer the reliability and efficiency we need, especially for a business of our scale that serves people in over eighty countries.”
Dima Kats, CEO and Co-Founder of Clear Junction, commented, “We are delighted to partner with Grey and support its mission to deliver safe and reliable global banking services to emerging markets. At Clear Junction, we focus on simplifying global banking through our proprietary technology, making this collaboration ideal. With this partnership, Grey will streamline transaction management, reduce international fees, and lower operational costs. This will enable the company tо focus оn growth, expand its reach, and seize new opportunities to empower the modern global workforce.”
As the digital economy grows globally, there’s an increasing demand for efficient and accessible financial solutions for digital nomads. With Clear Junction’s established infrastructure and Grey’s growing user base across Africa, Europe, and Southeast Asia, this partnership extends its reach globally. It is poised to redefine the payment landscape for the ever-evolving global workforce.