Blueloop, the Nigerian software technology company recently received its pre-seed funding that worth $77,000 to develop its subsidiary startup remittance platform dubbed Flux, that is designed to function as a crypto-based mobile app that processes the cross-border payment or transfer of funds.
Flux – the crypto-based remittance platform is accessible globally, and it is built for businesses and individuals to send and receive instant cash via cryptocurrencies remotely.
The mobile remittance platform has a wallet as its main feature that is designed to convert cryptocurrencies to cash in real-time and can also finance some spending directly from its Flux wallet.
However, a trio group of Nigerian software developers – Israel Akintunde, Ben Eluan, and Osezele Orukpe are the founders of the software tech company, Blueloop.
In contrast, Flux serves as a subsidiary to Blueloop. Flux is built to serve the same purpose of the typical online banking platforms that process cash transfer, which further authorizes payments for purchases, and also transfers cash into a bank account.
Prior to being eligible for the recent funds it received, the trio group of software developers commenced building the remittance platform as at February 2020, and by April they had a prototype to show.
After five months of series of effective developments, the remittance platform became actively open in September, and it recently received the sum of $77,000 in pre-seed funding to further perfect and scale the potential functionality of the FinTech application.
The $77,000 of funds injected into Flux’s’ developments was issued by several investors, which include Mozilla, Hustle Fund venture capital (VC), Pioneer etc.
Before the existence of Blueloop and Flux, the developers were once a university undergraduates of the same school. During their day of being a student, they developed an online retail outlet dubbed ‘Joppa’ – this e-commerce platform was built strictly for the university students.
Ben Eluan said “our products blew up and attracted twenty thousand students” to connect with other merchants within the Joppa marketplace to search and buy the desired items.
Due to the progressive outcome of developing Joppa instigated the development of the startup remittance platform they established, Flux. To ensure that the remittance platform attains the same progress of its previous e-commerce company, Joppa, the developers embarked on research about cryptocurrencies, and on getting to the Know Your Customers (KYC) aspect, they realized the prevailing gap in the remittance marketplace.
Ben Eluan noted that there are several remittance platforms in the FinTech industry that processes cross border transactions based on agreements and authorizations. However, Flux is still developing, but it possesses all the features that allow users process transactions instantaneously “users can get their cash available for spending and how cheap they could do this.”
Ben Eluan said “Our advantage is that we have built our app to have more functionalities. For example, it can be used by merchants to accept payments, gig people to receive payments, and regular users to send and receive money.”
With a positive mind, the founders of Flux are quite optimistic about the responsiveness of its remittance platform as it also possesses the same features in contrast with other high profiled payment apps – which determines a favourable competition in the remittance marketplace.