Blueloop, a Nigerian fintech startup, has been accepted into the Winter 2021 batch of Y Combinator, a US-based accelerator. The startup will join ten other African startups in the 2021 batch and will receive a seed fund of $125,000.
Founded in 2020 by two Obafemi Awolowo University students, Ben Eluan, co-founder and CEO, and Osezele Orukpe, co-founder, the company created Flux, a cross-border payment app that combines a cryptocurrency wallet and a digital banking app. Users can receive cryptocurrency from anywhere in the world and convert it to fiat instantly.
Blueloop joins an increasingly prestigious list of startups that have passed through YC, including Paystack, Flutterwave, Buycoins, Kobo360, and 54gene, to name a few.
Eluan explains that being accepted into YC was a good validation of Blueloop’s work and a testament to the company’s impressive growth thus far.
Flux processed over $460k in transactions across its crypto and fiat platforms between September (its launch date) and November 2020. According to Eluan, the platform currently records over $700,000 in monthly transactions.He reveals that the startup earns 1% of its transaction value, which means it generates over $7k in monthly revenue.
The startup is currently raising funds for its seed round, which it plans to close next month. Eluan believes that there is still a lot to be done in Africa in terms of payments, and he intends to make Blueloop a big part of the solution.