It’s Friday, and the weekend is looooong, but don't worry, no lengthy intros today.
How was your week? How are you doing? How do you intend to spend your weekend? If you don’t know, you can still use my tips. I think I’m down for enjoyment this weekend. And I guess you know what to do. Haha! Again, nobody will know.
Well, today, I’ll be discussing:
- More information on Flutterwave's CEO
- Financial literacy for startup founders
- Eden Life’s expansion and acquisition
- OnePort 365’s $5m seed
Quick update on the Flutterwave CEO story
On Tuesday, April 12, 2022, David Hundeyin, an investigative journalist, accused Flutterwave Founder and CEO, Olugbenga "GB" Agboola of impersonation, inappropriate behaviour, and insider trading in an article.
Following that article, various stories were published. However, an article was published yesterday, Thursday, April 28, 2022, that provided some interesting points to the story.
I'm not going to bore you with epistles. Here are some key points:
- According to Rest of World, in 2019, Iyin Aboyeji, former CEO of Flutterwave, who resigned from the board in 2018, was arrested by the Nigerian police and spent the night in jail.
- Why? The company was accused of fraud at the time, per the police, after failing to refund a customer card transaction. The company had failed to remove Aboyeji's name from official documentation, hence, his arrest. Nonetheless, he was eventually released without charge.
- Over the last two years, Agboola has backed at least 25 startups, typically investing between $25,000 and $150,000. Among his investments are stock trading app, Bamboo; fintechs, Mono and Sudo Africa; and the media company Big Cabal Media, publisher of Zikoko and TechCabal.
- Due to the recent allegations, an acquisition deal has come to a halt. It is unclear who is acquiring who. The concern is that Flutterwave may be unable to raise a series E.
There's a lot that we still don't know, but I simply want justice to be served. What do you think?
Well, since you are here, I think you’ll find this story enlightening: Analysing 2 major allegations against Olugbenga Agboola
Be the smartest in the room
Techpoint Africa Blockchain Summit
From forging a career in blockchain to learning how to make money with NFTs, the Web3 space can be very tricky. That’s why we have created an entire event dedicated to Web3.
Let NFT artists and blockchain devs show you the ropes at the Techpoint Africa Blockchain Summit. Register and get your early bird tickets here.
Financial literacy for startup founder
Last year, I watched The Smart Money Woman, and I believe there are many Zuris out there, regardless of gender, race, religion, or employment.
First off, who is Zuri? The main character, Zuri, appeared to be financially successful but suffered a series of misfortunes that made her realise she was in financial trouble and needed to make sound financial decisions.
Although she was sound, educated, had an amazing job, and was literate, Zuri was financially illiterate but soon understood that she had to learn to make good financial decisions.
How was she financially illiterate? She couldn't read and write matters related to money. 😂 Hey, I'm kidding. Scratch that. She was financially illiterate because she couldn't stick to a budget, manage her debt, or make wise financial decisions.
Maybe you're checking yourself to see if you're financially literate. To be honest, I can't answer that question because it's a little tricky. This time, I'm not going to give you the gist. 😂
But, be honest, do you believe you are financially illiterate as an individual, entrepreneur, or startup founder?
Do you believe that startup founders, regardless of their background, should embrace financial literacy? Is financial literacy necessary?
Remember we had a Twitter Space titled Do startups need financial literacy? a few weeks ago. We had Olumide Adesina and Kalu Aja speak to us about the concept and what it means for startups.
Consequently, Chimgozirim took his time to give us an interesting overview of the conversation. I believe you'll learn something from it, whether you're a startup founder or not. You can find it here: “All startup founders must be financially literate.” – Olumide Adesina
African startups that have gone through Y Combinator Accelerator Programme
Over the years, African startups are becoming an important part of Y Combinator's (YC) accelerator programme since the first startup from the continent participated in the Winter 2009 cohort. Since then, 95 companies have participated as of the Winter 2022 launch, about half of which are financial services providers, and 51 are from Nigeria.
Techpoint Africa’s data and research arm, Intelligence by Techpoint, has partnered with YC to examine the impact of the California-based startup accelerator on the continent. The report will be released soon. Get it directly in your inbox by subscribing to the Intelligence by Techpoint newsletter here.
Eden Life’s expansion and acquisition
Eden Life, a Lagos-based startup, has announced plans to expand into Nairobi, Kenya. Also, the company has acquired Lynk, a technology company that connects unemployed Kenyans to job opportunities in Kenya.
Why the expansion? Building on its success in Lagos, Nigeria, Eden says it intends to remove obstacles to discovering dependable household services in Nairobi.
What's its success rate in Lagos? The company claims that the service has had an 80% retention rate since 2021, with a 15% MoM growth rate. Since its launch, Eden Life has provided over 150,000 services in Nigeria.
Nadayar Enegesi, Prosper Otemuyiwa, and Silm Momoh co-founded the company in Nigeria in 2019. It connects busy professionals with concierge services, and a subscription service that delivers high-quality chef-prepared meals, laundry services, and house cleaning.
Coming in with a twist: Unlike Lagos, Nairobi users get an additional service: a beauty and wellness service.
What you should know about Lynk: The platform was launched in 2015, and it facilitated over 150,000 jobs, transferring $4.5 million to over 2,000 workers across four major verticals: beauty & wellness, cleaning & care, installation, repair & maintenance, and furniture & decor.
OnePort 365’s $5m seed
OnePort 365, an African digital freight forwarding company, has raised $5 million in seed funding to drive end-to-end digitisation of freight management in Africa and support its expansion into new markets.
Led by Mobility 54 — VC arm of Toyota Tsusho and CFAO Group — SBI Investment, Flexport, ODX, a Singaporean syndicate fund, Samurai Incubate, and other angel investors participated.
What exactly does the company do? Launched in 2019 by Hio Sola-Usidame (CEO), the platform covers air freight, ocean freight, inland haulage (trucking, barge, and rail), and Pay-As-You-Go warehousing, marine insurance, customs brokerage, and more.
Currently, OnePort 365 is creating an operating system for African cross-border trade, assisting traders in managing their freight processes via a digital platform that enables seamless freight forwarding and other value-added services.
According to OnePort 365, traders no longer have to wait up to two weeks to compare the best rates from various service providers. They can explore competitive offers on the platform and book freights in 30 seconds or less using pre-negotiated rates.
It currently operates in Nigeria and Ghana, and is exploring other markets. The platform also makes use of advancements in payment technology and the Pan-African Payment and Settlement System (PAPSS) to enable instant payments.
The funds will be used to improve efficiency and lower overheads in cross-border trading across the continent, and to launch several new services that will boost overall profitability.
What I'm reading and watching
- YouTube is testing ads on its short-form answer to TikTok, Shorts
- Central African Republic adopts bitcoin as legal tender
- Kenya: Meta Moves to Counter Misinformation Ahead of August Elections
- Is it time to rethink democracy?
- One Size Doesn't Fit All: Democracy is Not Always the Best Form of Government
- The FT x Cardano Blockchain Challenge is sourcing ventures building or interested in leveraging the Cardano blockchain platform and community. To participate, apply here.
- The Migration Entrepreneurship Prize is looking for socially-driven businesses that enhance economic inclusion of migrants. Apply here.
- ReelFruit is hiring a Brand and Marketing Manager. Apply here.
- Learn and build a career coding/software development & product design (UI/UX) skills for FREE. Apply here.
- Applications are open for women-led or women-impact tech innovators based in Kenya, Ethiopia and Nigeria. Apply for the WIITPitch competition here.
- NowNow Digital Systems Limited is hiring a Growth Lead, SME Digital and Growth Lead, Consumer Digital. Apply here and here.
- Want to have access to resources to help you thrive on YouTube and build careers on your own terms. Apply for the YouTube Foundry Global Development programme here.
- Are you an entrepreneur and early-stage startup founder? Apply for the e-Track programme here.
Have a superb Thursday!
Victoria Fakiya for Techpoint Africa.