Nigerian Fintech Startup Blueloop Gets YC Backing, Plans Expansion

Blueloop, a fintech startup which started up in Nigeria has been accepted into the Y Combinators Winter 2021 batch. This development translates to Blueloop getting access to a seed fund of $125,000 from the US-based accelerator. The startup therefore joins other African startups in this coveted batch. Blueloop joins the list of fintech startups and the list of reputable Nigerian companies like Flutterwave, Buy Coins and Kobo360 that have been a part of the Y Combinator’s program.

Blueloop was founded by Nigerian undergraduates- Ben Eluan, Isreal Akintunde and Osezele Orukpe in 2020. They built an app called Flux which is and serves as a subsidiary to Blueloop. The app was designed such that it combines a crypto wallet and a digital banking platform and was made with the motive of making cross-payment easy and convenient across the continent of Africa. With the app, cryptocurrency can be received from anywhere and from anyone, and converted it to fiat money on the app.

Ben Eluan, Isreal Akintunde and Osezele Orukpe reportedly dropped out of university and have decided to put all their focus and energies into ensuring that Blueloop becomes a $1 billion startup. They are also said to be the first set of founders from Africa that are all dropouts to get into the YC program and one of the founders of Blueloop; Ben Eluan said that their decision and success would encourage more young Africans and would also bring them the long-awaited opportunities they have been hoping to find.

Blueloop is about six months old and already has over 5,000 customers who have used the platform for transactions that have been valued above $750,000. The startup is growing 40% month-on-month and in total has made a revenue of $25,000. It is also pertinent to know that this milestone has been achieved even with the CBN’s ban on cryptocurrencies.

The startup plans to maximize the funds they will receive, combine it the mentorship and the global network of startups investors so that they make their brand a global one while it works towards achieving Unicorn status. Blueloop is based in Lagos and has a long list of competitors in the crypto space, nevertheless there is a wide gap to be filled and a host of opportunities in the market.