TROCAH

Currency Exchange on Your Terms: The Trocah Story

February 3, 2025
·
7 min read

Founded in 2023 by Henry Bankole, Damilola Adesina, Oluwaseyi Ereyomi, and Adetunji Adeniran, Trocah emerged from a shared passion for leveraging technology to promote financial inclusion and it prides itself as a community-focused fintech startup. The flagship product is an AI-enhanced peer-to-peer currency exchange platform. Unlike traditional fixed-rate systems, Trocah’s platform puts users in the driver’s seat, allowing them to negotiate exchange rates directly with one another. This innovative approach not only ensures users secure competitive rates but also fosters a sense of autonomy and community in the currency exchange process.

Trocah's currency exchange services has since evolved to meet the diverse needs of its market by introducing a hybrid offering that includes both peer-to-peer and direct exchange options. This positions Trocah as an all-in-one platform, catering to users who prefer the flexibility of negotiation as well as those who value the simplicity of direct transactions.

Trocah’s impact goes beyond convenience, it addresses a critical global issue. Currency conversion fees currently consume an average of 6.2% of funds sent to Africa, resulting in a significant loss of value for individuals sending remittances to support families and communities. Trocah’s innovative approach directly tackles this challenge, ensuring more funds reach their intended recipients.

Our Story

Trocah’s story began at the University of Bradford in late 2022, where Henry Bankole stood in front of a room at the Startup Society and pitched a bold idea: a peer-to-peer currency exchange platform that would provide transparency, equity, and allow users to negotiate their currency exchange rate. Startup Society, co-founded by Damilola Adesina, was a vibrant community of aspiring founders, offering the tools and support needed to turn innovative ideas into impactful startups.

For Damilola, the pitch hit close to home. Having experienced the pain of expensive currency exchanges firsthand, and knowing how many Nigerians and Africans face the same struggle, he immediately connected with the vision.

Before we wrote a single line of code or even knew what the solution might look like, we needed to understand:

  • Is this a real problem?
  • Do people care enough about it to want a better solution?
  • Is there a market for it?
  • Would people actually pay for it?

And who better to ask than the people who were already exchanging money this way?

We began by identifying the frequent users, the people who regularly exchanged currency in the community WhatsApp groups we were part of. But we didn’t stop there. Leveraging our network, we reached out to friends, family, and acquaintances, asking them to connect us with WhatsApp group admins in Nigerian communities across the UK. Once we got connected, we asked the admins if they could introduce us to the frequent users who were actively carrying out peer-to-peer currency exchanges within their groups.

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What we discovered was both fascinating and alarming. In some of the WhatsApp groups, over £500,000 was changing hands daily, driven by trust, convenience, and better exchange rates than many traditional platforms offered. Across the various groups we joined, approximately £35 - 40 million was being exchanged each day.

But with these impressive numbers came significant risks: fraud, loss of funds, and even potential exposure to money laundering. There was no security, no KYC (Know Your Customer) process, no AML (Anti-Money Laundering) compliance, just blind trust and the reputation of the people involved.

Curious to understand the full extent of the risks that come with this method of currency exchange, we decided to experience it firsthand. We carried out several exchanges, testing the waters, how could fraud happen? What legal grey areas existed? What security gaps left users vulnerable? The more we dug in, the clearer it became: while these WhatsApp exchanges were fast and convenient, they lacked trust, security, and structure. 

We then dug deeper into what really mattered to these users:

  • Haggling was key: negotiating rates wasn’t just about getting the best deal; it was a cultural expectation. Nigerians are used to bargaining for value, whether at a local market or when exchanging currency.
  • Flexibility and transparency mattered: people wanted to see clear rates, understand fees, and have control over their transactions.
  • Security was important: but not at the cost of convenience, users valued safety, but they also didn’t want a complicated process that slowed things down.

These findings shaped what would eventually become our flagship product at Trocah, a product that didn’t just replicate existing solutions but embraced the way people actually wanted to exchange money, combining the familiarity of peer-to-peer transactions with the security and compliance of a structured financial system.

Damilola Adesina then brought in his childhood friend, Oluwaseyi Ereyomi, who became a co-founder and now serves as the Chief Technology Officer (CTO). Olwaseyi's technical expertise proved instrumental in transforming the concept into a scalable product.

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To complete the team, Henry reached out to his former colleague from Nomba Financial Services who he had worked with at Nomba for two years, Adetunji Adeniran, to join the team as a co-founder. Adetunji joined the team to design the app, allowing Trocah to build its foundation without the need for external hires.

Together, this scrappy and determined team of co-founders combined their shared experiences, complementary skills, and deep understanding of the challenges faced by underserved communities to launch Trocah.

Some Milestones

  • 3 deals
  • S-EIS Advance Assurance
  • 5,000+ downloads on Play Store and App Store

Building From the Ground Up

When we started Trocah, we didn’t have the luxury of a funding round. What we did have was conviction: the belief that something as basic as financial services shouldn’t feel so out of reach for people like us.

To keep the dream alive, all four co-founders have juggled side jobs to cover infrastructure costs, salaries, and operations. These sacrifices aren’t just about funding, they reflect the personal stakes each of us has in making Trocah succeed.

We’ve been scrappy from day one. While based in the UK, we intentionally localised our hiring to Nigeria, not just to save costs, but because we know the talent and creativity that exists back home. This decision wasn’t easy but it was the right choice, and it’s shaped the culture of our team.

The Team 

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Trocah wouldn’t exist without the sacrifices and determination of its team.

Our CEO, Henry Bankole, is no stranger to building in tough conditions. A 2x founder, Henry served as Regional Sales Manager for the Southwest region at Nomba (formerly Kudi), where his leadership helped generate millions of dollars in monthly revenue contributing to about 36% of the entire revenue of the company. Simultaneously, as a side hustle, he ran a travel company in Nigeria that processed over $100,000 in annual B2B and B2C transactions.

Our CTO brings a wealth of experience to Trocah. He currently works as a Senior Frontend Developer at Siemens and has also served as a Mobile Web Specialist Track Mentor for the Google Scholarship Program through Andela, providing guidance to aspiring mobile web developers. His career includes roles as a Senior Consultant at Aubay Portugal and a Software Engineer at Softescu, where he helped deliver core technical solutions. With a background in Physics, he brings a highly analytical approach to the development of our platform.

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Damilola Adesina has built a successful career in digital marketing, beginning in Nigeria, and is currently a Senior Paid Advertising Executive at Au Vodka. Previously, he served as Digital Marketing Manager for Pampers Glow, where he led high-impact campaigns that not only boosted brand visibility but also drove substantial 45% revenue growth. With expertise in digital marketing strategy, paid advertising, and data-driven decision-making, Damilola's wealth of experience ensures that we are effectively reaching and engaging our target audience while driving revenue as we scale our vision.

Adetunji Adeniran has led the charge on Trocah’s product design. With a focus on creating a globally scalable product, he has been hands-on in designing our mobile app, ensuring it’s not just functional but intuitive, user-friendly, and built to serve a diverse audience. 

More Than Currency Exchange

What drives us isn’t just solving today’s problems, it’s building for tomorrow. Our vision is to redefine challenger banking with a community-driven approach, ensuring that financial services are not just accessible but truly inclusive on a global scale.

Already, we’re taking steps to expand. We’re awaiting final approval for our license to operate in Canada, a move that will allow us to serve even more of the diaspora. This expansion is tailored to serve the growing African population in Canada and extend Trocah’s commitment to providing community-focused financial services to underserved communities across borders.

And while currency exchange is where we’ve started, we’re exploring a suite of financial products designed to meet the unique needs of underserved communities worldwide.

Our mission has always been clear: to build banking solutions that feel personal, local, and inclusive, no matter where our customers are.

The Road Ahead

Right now, we’re raising our pre-seed round and have already secured soft commitments. We’d also like to highlight that we have already received S-EIS advance assurance for our UK operations. This is a key step in demonstrating our commitment to providing a secure investment opportunity for our backers, allowing investors to benefit from tax reliefs under the SEIS framework. We’ve come this far on grit, hustle, and resilience so we’re not just looking for money, we’re keen on finding partners who believe in our vision as much as we do.

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