Four months after launch, Grey Business has crossed a milestone that reframes the entire conversation about what African fintech companies can build and how fast.
"We are four months in and already past $61 million in processed volume," said Idorenyin Obong, co-founder of Grey, confirming that the B2B payments platform launched in February 2026 has exceeded expectations in its earliest phase. The number is striking not just for its size, but for what it reveals about pent-up demand in a market that traditional banking has consistently underserved.
Two major use cases are driving activity on the platform: businesses routing USD collections from payment processors into Grey Business as a treasury layer, and businesses converting between USD and stablecoins to manage cross-border payments within a single account.
Grey Business enables startups and SMEs to open USD corporate accounts, send and receive international payments, convert currencies, and transact using stablecoins such as USDC and USDT, giving businesses the kind of global financial infrastructure that was previously available only to companies with overseas entities or expensive correspondent banking relationships.
The stablecoin signal embedded in Grey's traction is part of a much larger continental shift. According to blockchain analytics firm Chainalysis, stablecoins accounted for 43% of all crypto transaction volume in Sub-Saharan Africa in 2024, with businesses increasingly using them for international payments. The region received more than $205 billion in on-chain transactions between July 2024 and June 2025, representing a 52% year-on-year increase.
Globally, the direction of travel confirms what Grey's volume numbers suggest at the micro level. A joint analysis by McKinsey and Artemis Analytics found that actual stablecoin payments totalled $390 billion in 2025, with B2B transactions comprising the largest portion at $226 billion, roughly 60% of total stablecoin payment volume.
Joseph Femi Aghedo, Chief Operating Officer and co-founder of Grey, was blunt about the structural insight behind the company's thesis: "Banks looked at this market and saw risk. We looked at it and saw businesses that were finding ways to operate globally despite the infrastructure, not because of it."
Grey Business was officially launched on February 10, 2026, at an exclusive side event during the Africa Tech Summit in Nairobi, hosted in partnership with Paystack and Antler. It targets a problem that has long defined the operating environment for African SMEs, with global ambitions, slow settlement times, hidden charges, currency conversion barriers, and the near-impossibility of holding a functional USD corporate account without a foreign address.
At $61 million processed in its first four months, Grey Business has not just validated its thesis, it has priced the opportunity. The addressable market for cross-border business payments out of Africa is, as Aghedo argues, significantly larger than what traditional banking ever bothered to measure.
Stay Informed: Visit our website for Breaking News, Intelligence, and Insight