Following the recent report that Nigerian startups are dominating the African tech scene, another Nigerian fintech startup has taken a large business step to expand into Spain.
Get It Done Now, a mobile fintech platform that provides users access to services, loans and insurance, is relatively new as it was founded in 2018 by Bode Bamgboye and Alberto Rodriguez. The startup also allows user to search for, book and pay for handymen.
The decision to expand into Spain did not come ordinarily, as it was a result of the very impressive growth which the company has experienced since it was founded. Rodriguez stated that from inception till date, the company has gathered over 5,000 users and has received loan requests going to the tune of $2 million. The company’s platform provides 120 services and has generated well over 5,000 transactions.
Another reason which backs the company’s decision to expand is the interest which it has received from investors. In the beginning, the startup was self-funded (it received no funding from investors) but has now so far been joined by four investors; three of them Nigerian and one from Europe. The company secured its most recent investment back in February 2021 but is already discussing a new funding round due to recognition of growth potential.
Bamgboye and Rodriguez met when they were both studying for an MBA at the IE Business School based in Madrid, Spain. Since then, their relationship grew and they decided to partner to establish a fintech platform aimed at the African population, helping them to obtain secure services.
Since Rodriguez hails from Spain, it is natural to assume that the selection of Spain was influenced by Rodriguez’s knowledge of his home market, which he could use to the company’s advantage. However, Rodriguez himself gave other reasons for the decision of Get It Done Now – which previously operated solely in Nigeria – to expand into Spain, saying that Spain (alongside France and Italy) is one of the most important European countries for African migrants.
According to him, this has helped the company to establish a base in Spain while also carrying out more fundraising.
Rodriguez praised the high growth potential of the company, stating that they received 500% more loan requests in 2021 than they did in 2020.
Leatherback Set for International Growth as EFCC Drops all Fraud and Misconduct Allegations
Nigeria’s Economic and Financial Crimes Commission (EFCC) has dropped all allegations of fraud and misconduct against Leatherback, a leading financial services technology company, and the company’s CEO, Toyeeb Ibrahim Ibitade.
In November 2023, EFCC announced that it had been made aware of the possibility of fraudulent activities on the Leatherback platform, leading to an investigation into the company’s operations to establish the facts. Cooperating fully with EFCC and working transparently with the organisation’s officials to provide a forensic view of its operations, Leatherback was able to unequivocally prove its innocence, leading the EFCC to drop all allegations and take down all previous communications on its website and social media platforms (Facebook, Instagram, and Twitter) around the matter.
Leatherback supported the EFCC investigation by making over 5,000 printed documents available to officials to enable as much clarity as possible. Leatherback also filed Suspicious Activity Reports (SARs) in the UK and Nigeria.
According to Toyeeb Ibrahim Ibitade, CEO of Leatherback, “I am relieved to see the end of this arduous episode, but I am even more delighted to see that myself and Leatherback, as an organisation, have been completely cleared of all wrongdoing. With this episode firmly behind us, we are poised to accelerate our mission to provide a single access point that empowers individuals and businesses to be truly global, delivering best-in-class financial, payment, and commerce solutions that remove barriers to global growth and mobility for all citizens of the world.”
Headquartered in London, Leatherback is regulated in the United Kingdom, Nigeria, Ethiopia, Canada, India, Pakistan, Nepal, and Sri Lanka, enabling the platform to serve customers across a wide range of markets effectively. Tens of thousands of individuals and businesses already use the platform to support business and lifestyle opportunities every day. Leatherback is also FCA Authorised, PCI DSS Compliant, and ISO Certified.
Leatherback offers financial services to businesses and individuals in multiple countries with no restrictions. Users can access up to 15 currencies from 21 countries, including NGN, GBP, INR, EUR, USD, and many other currencies. Users can also send and collect money locally and internationally, with invoicing, analytics, and permissions features available for businesses.
For more information, please visit: http://www.leatherback.co
Carbon Acquires Vella Finance to Enhance SME Offerings
Digital financial services provider Carbon has completed the acquisition of Vella Finance, a Nigerian fintech company specializing in serving small and medium-sized enterprises (SMEs).
The acquisition, announced through an official statement on Wednesday, signifies Carbon’s strategic move to bolster its SME offerings.
Although the financial details of the transaction were not disclosed, Carbon’s acquisition of Vella Finance, founded two years ago under its parent company, One Credit Limited, underscores its commitment to expanding its footprint in the fintech space.
Vella Finance’s expertise in AI-powered SME banking solutions particularly caught the attention of Carbon.
Through this acquisition, Carbon aims to leverage Vella Finance’s innovative technology to provide actionable insights from financial transactions to its SME customers.
Tolu Adedayo, co-founder and COO of Vella Finance, expressed enthusiasm about the integration, noting that several team members from Vella Finance have joined Carbon following the acquisition.
Adedayo further revealed that Vella Finance’s 8,000 SME customers would be transitioned to Carbon Business in the near future.
Chijioke Dozie, co-founder of Carbon, emphasized the alignment of values and vision between Carbon and Vella Finance, highlighting the potential for synergies and growth in the SME banking segment.
The acquisition marks a significant milestone for both companies as they aim to revolutionize financial services for SMEs in Nigeria.
Flutterwave Set to Recover ₦19 Billion Illegally Transferred by POS Merchants
Flutterwave, one of Africa’s leading fintech companies, is poised to undertake a substantial recovery effort following a High Court ruling granting it the authority to recover ₦19 billion illegally transferred by Point of Sale (POS) merchants.
The company plans to contact over 6,000 account holders across 35 banks and financial institutions to reclaim the funds.
The dispute arose in 2023 when Flutterwave discovered unauthorized transactions conducted by certain POS device merchants, prompting the temporary suspension of implicated accounts to prevent further irregularities.
While the incident didn’t result in the loss of customer funds, it exposed the vulnerability of the system to abuse.
A recent court ruling, known as a Mareva injunction, empowers Flutterwave to initiate the recovery process, targeting account holders who may have received funds from the unauthorized transactions.
This move is critical as the recipients may have already utilized the funds received.
In response to the court order, Flutterwave intends to engage with the relevant authorities to address the situation comprehensively.
It plans to communicate with the affected account holders through email, SMS, and WhatsApp messages, leveraging their respective contact information provided by the financial institutions involved.
The recovery effort underscores Flutterwave’s commitment to upholding financial integrity and protecting the interests of its customers.
The company’s proactive stance reflects the evolving challenges faced by fintech firms in ensuring secure and transparent transactions amidst the dynamic landscape of digital finance in Africa.
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