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German Firm to Aquire Nigeria’s GladeFinance Amid Funding Challenges

January 16, 2024
in Business
German Firm to Aquire Nigeria’s GladeFinance Amid Funding Challenges
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GladeFinance, a Nigerian fintech startup backed by Techstars, is currently in discussions regarding a potential acquisition. These talks involve at least two fintech companies, one Nigerian and one German, and could potentially lead to the startup being acquired, a mere three years after it began its operations.

In 2022, GladeFinance successfully secured an undisclosed amount for its pre-seed round and gained entry into Techstars Toronto. Plans for a seed round in 2023 were in motion, but they failed to materialize due to challenging funding conditions.

Victor Liyi, the CEO of GladeFinance, confirmed the receipt of acquisition offers in late 2023, with the aim of extending the company’s longevity. However, he declined to provide further details regarding the offers.

Founded in 2020 by a former Interswitch product manager, GladeFinance initially offered business banking services in Nigeria. However, in 2023, it underwent a rebrand and expanded its services to help businesses worldwide with payment processing, expense management, multi-currency accounts, and working capital. The company has experienced significant growth, serving over 6,000 businesses and processing more than ₦11 billion in transactions in the last year alone.

The potential acquisition may involve the acquirer gaining control of GladeFinance’s customer base and technology, but it is still too early to confirm. The fate of GladeFinance’s current investors and Victor Liyi’s role post-acquisition remains uncertain.

In a related development, the company recently conducted a second round of layoffs, resulting in a 35% reduction in its workforce. Victor attributes the first round of layoffs to performance issues. The startup originally employed 33 people, but following the latest cuts, it now has 17 employees. Victor emphasizes that these layoffs are unrelated to the acquisition plans, stating that tough decisions were necessary for the company’s long-term viability.

GladeFinance also implemented salary cuts as part of its efforts to extend its financial runway. Victor mentioned that he did not draw a salary from the company for two years.

Contrary to reports claiming that the startup raised $450,000 in 2022, Liyi clarified that it received less than $50,000 outside its investment from Techstars, as some investors failed to fulfill their commitments.

GladeFinance’s potential acquisition reflects the current challenges facing African tech startups due to a slowdown in global venture capital. With layoffs and shutdowns becoming more common, experts anticipate a rise in M&A activities in the tech industry. In 2023, there were notable acquisitions, including Risevest’s acquisition of local rival Chaka and Bitmama’s acquisition of Payday, and this trend is expected to continue into 2024.

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Copyright for syndicated content belongs to the linked Source : BusinessElitesAfrica – https://businesselitesafrica.com/2024/01/16/german-firm-to-aquire-nigerias-gladefinance-amid-funding/

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