Flux is a mobile app for crypto-based transactions that helps users to send and receive money across Africa and anywhere in the world.
It works with all major banks in Nigeria. With it customers can “make payments…without internet or in areas with very bad internet connection through. . . end-to-end encrypted SMS technology,” and “request money. . . through creating a detailed budget list and sharing to friends, families and colleagues.”
Two Nigerian software developers, Ben Eluan and Osezele Orukpe, founded Flux in September 2019. The duo were students of Obafemi Awolowo University (OAU), Ile-Ife, where they met Israel Akintunde and Ayomide Lasaki, who joined them and now act as VP, Engineering and Head of Marketing, respectively.
In 5 June 2020, Ben Eluan and Osezele Orukpe were among the recipients of Pioneer’s May 2020 funding program. Pioneer, a talent search fund created by the American entrepreneur Daniel Gross, enables talented founders to gain funding from investors. This March, Eluan announced that Y Combinator, an American seed-funding-for-startups provider, was backing their startup Blueloop Inc.
“Started Flux from the back of Lecture halls (that’s where we held our first meeting) and built all night in our hostel!! Perseverance and focus,” Eluan tweeted.
Started Flux from the back of Lecture halls ( that’s where we held our first meeting) and built all night in our hostel!! Perseverance and focus . We are excited to be backed by @ycombinator 🦄🦄🦄🦄 https://t.co/wqUkbq9t5T pic.twitter.com/LWpweLg1qa
— Bene-Elohim (@elzibs) March 22, 2021
With the help of Y Combinator, Blueloop Inc. has raised US$77,000 in pre-seed funding, from investors like Hustle Fund and Mozilla, among others.
In an interview with Disrupt Africa, Eluan revealed that the idea for Flux came when the team, while in OAU, was working on an app named Joppa. Joppa had 20,000 users and helped students find and buy products from merchants within the university.
For every transaction done on the app, regardless of the amount, Flux charges $0.50 (190 naira). A report by Techpoint Africa claims that the “company has 5,000 customers who have transacted over $750,000 in payments volume,” and is “growing 40% month-on-month and has made $25,000 in revenue.”
“We see merchants using our platforms to accept payment. We currently have real estate startups, restaurants that use our app to accept payments from their customers,” Eluan told Techpoint Africa.
TechCrunch reports that the Flux team is “working on a peer-to-peer feature that will see users seamlessly transact crypto and fiat with one another.” They have also launched Flux Merchants, which allows businesses to accept payments by creating links for their products and services.
Flux is on Google Play Store.
Uzoma Ihejirika is a Nigerian creative writer and journalist. He is an editor for the AfroAnthology Series and a copy editor for Minority Africa and has written for Open Country Mag. He has works on Lolwe and Isele Magazine.