“I didn’t see it becoming a business”: Day 1 to 1000 of Startbutton Africa

Mallick Bolakale's startup, Startbutton Africa, has come a long way since its humble beginnings, helping businesses expand across African markets without the hassle of setting up local payment operations and compliance systems. Founded in July 2023 with Kelechi Oti and Charles Idem, Startbutton operates a merchant of records (MOR) system that simplifies cross-border transactions for businesses.

What Happened

Startbutton's journey began in 2022 when Bolakale received a call from an unnamed company struggling to access Nigeria's local payment infrastructure without local operational structures in place. The Central Bank of Nigeria had discontinued the sale of foreign exchange to Bureau De Change operators, worsening dollar scarcity and disrupting how individuals and businesses accessed foreign currency. This led to a surge in demand for Startbutton's services, which aim to simplify the process of expanding into new African markets.

Inside the Story

Bolakale, who at the time was studying law while repairing and reselling gadgets on the side, helped people buy electronics from eBay. However, his experience with eBay's payment system, which required a VPN and a broker with a foreign bank card, led to him losing his law school fees. This experience sparked the idea for Startbutton, which aims to solve the kind of cross-border friction that ruined that transaction.

• Founded in: July 2023
• Co-founders: Mallick Bolakale, Kelechi Oti, Charles Idem
• Operating markets: 15 African markets, including Nigeria, Ghana, Kenya, Senegal, South Africa, and Uganda

Why It Matters

Startbutton's MOR system helps businesses expand across African markets without setting up local payment operations, compliance systems, tax processes, and regulatory relationships from scratch. This is a game-changer for businesses looking to tap into the growing African market, which is projected to reach $3.4 trillion by 2025. By simplifying the process of expanding into new markets, Startbutton is helping businesses to focus on their core operations and reach new customers.

The Takeaway

Startbutton's success is a testament to the power of innovation in solving real-world problems. By addressing the challenges of cross-border transactions, Bolakale and his team are helping businesses to thrive in the African market. As Startbutton continues to grow and expand its services, it is likely to play an increasingly important role in shaping the future of African business.