Nigerian startup 1vault is helping SMEs better manage their businesses by offering them access to an online storefront, virtual business bank account, and social media management via its one-stop-shop platform.
Founded last year, 1vault uses analytics and a suite of inbuilt business services to support SMEs in improving their productivity, using the storefront, banking services, and social media management services. It also helps in improving operational efficiency by providing business registration, simple accounting, bill payment, and legal services.
“The problems we are solving are ranging from requisite human capacity and lack of entrepreneurial skills, to efficient business tools, to underutilised technology,” 1vault co-founder and CEO ‘Babajide Padonu told Disrupt Africa.
“Chief amongst them is the inadequate business tools and services which is the leading cause for SME failures, causing their revenue to plummet by 70 per cent and four out of five closing shop in the first year of operation.”
The founding team first launched last mile delivery startup Flashbike in 2022, but the startup failed to scale and struggled with issues such as unreliable third-party providers and a fragmented logistics system. Rather than shutting down the business, however, the team decided to pivot, and riding on their experience working with MSMEs, launched 1vault in October.
Since then, uptake has really been “encouraging”, said Padonu.
“A lot of people are actually in need of solutions like ours. In the past six months we have done transactions of over NGN150 million (US$100,000) via our virtual banking app and seen significant increase in our app download and customer registration via our app,” he said.
Currently bootstrapping but looking to raise funding, 1vault is eventually planning on international expansion.
“Currently we are fully focused on the Nigerian market but have plans for expansion to other African countries after we have done our research and are sure we would get opportunities there,” Padonu said.
The startup monetises via commissions from customers using its virtual bank app and from bill payments. It also sells subscriptions to its online storefront and social media management services.
