• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Home Fintech

Nigerian Startup Blueloop Gets $77K To Start Remittance App, Flux

Emeka Eni by Emeka Eni
December 15, 2020
in Fintech
Share on FacebookShare on Twitter

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.

Related Posts:

  • Kuda-bank-Nigeria
    Kuda Is Expanding To The UK With A Remittance…
  • bittorrent
    Kuda Is Expanding To The UK With A Remittance…
  • Budpay_Bet9ja
    Partnership Deal: BudPay Electronic Payment…
  • Budpay_Bet9ja
    Bet9ja Partners BudPay For Electronic Payment Solutions
  • Moniepoint
    MonieWorld - The Diaspora's Way of Getting Remittances
  • Bizao-1024×538
    Ivorian FinTech Startup Bizao Raises €8M In Series A Funding
  • Google Wallet Has Reportedly Launched in South Africa & Five Other Countries.
    Google Wallet Has Reportedly Launched in South…
  • Bizao Secures €8M Series A Deal to Promote its Expansion Scheme Across Africa.
    Bizao Secures €8M Series A Deal to Promote its…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Tags: blueloopfintechfluxmobile remittancenigeriastartup
Emeka Eni

Emeka Eni

I am a tech enthusiast, creating contents, graphic designer and am Africa.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • AI Helps Google One Reach 150 Million Subscribers May 16, 2025
    • FT Lists Paymenow, TymeBank & Omnisient Among Africa’s Fastest-Growing Firms May 16, 2025
    • MoonPay and Mastercard Partner to Advance Stablecoin Payments May 16, 2025
    • Google Gemini Advanced Users Can Now Link to GitHub May 16, 2025
    • TikTok Accused of Violating EU Internet Content Rules May 15, 2025
    • Activists and Users Criticize NCC & Telcos Over Customer Penalties May 15, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    Recent News

    AI Helps Google One Reach 150 Million Subscribers

    AI Helps Google One Reach 150 Million Subscribers

    May 16, 2025
    FT Lists Paymenow, TymeBank & Omnisient Among Africa’s Fastest-Growing Firms

    FT Lists Paymenow, TymeBank & Omnisient Among Africa’s Fastest-Growing Firms

    May 16, 2025
    MoonPay and Mastercard Partner to Advance Stablecoin Payments

    MoonPay and Mastercard Partner to Advance Stablecoin Payments

    May 16, 2025
    Google Gemini Advanced Users Can Now Link to GitHub

    Google Gemini Advanced Users Can Now Link to GitHub

    May 16, 2025
    TikTok Accused of Violating EU Internet Content Rules

    TikTok Accused of Violating EU Internet Content Rules

    May 15, 2025
    Activists and Users Criticize NCC & Telcos Over Customer Penalties

    Activists and Users Criticize NCC & Telcos Over Customer Penalties

    May 15, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok