Roqqu, a Nigerian cryptocurrency exchange, has acquired its East African counterpart Flitaa in a consolidation move.
Founded in 2019, Flitaa operates in Kenya, Ghana, Uganda, and Tanzania, and offers simplified crypto buying and selling services of digital currencies.
According to Ayo Shonibare, Roqqu’s chief marketing officer, “Rather than go through the entire hassle of setting up from scratch, we saw value in their groundwork, especially their plans to expand into Uganda, Rwanda, and Tanzania. They had already set up the operational processes in these countries.”
The M&A deal will see Roqqu integrate Flitaa’s operations into its platform, and reach new more customers across Africa and a quick step towards its pan-African expansion dream.
The acquisition gives it regulatory approval to operate across East Africa in the virtual currency space. Roqqu entry into East Africa is part of a broader trend of Nigerian tech startups expanding into East Africa such as MoneyPoint, Fincra, among others.