Blockfinex acquires Nigerian cryptopayment start-up Fluidpoints

02/16/2023 12:34 • AI & Tech Insights • 166 views

On February 16, it was reported that Fluidpoints, a Nigerian cryptopayment start-up, had been 100% acquired by Blockfinex, the UAE cryptotrading platform, for an unknown amount. All entities under FuidCoins are included in this acquisition, including encrypted wallet Flip and encrypted online shopping mall Fluidshops.

Blockfinex, the UAE encryption platform, has acquired Fluidpoints, a Nigerian encryption payment company

Interpretation of the news:

The acquisition of Fluidpoints, a Nigerian cryptopayment start-up, by Blockfinex, a UAE cryptotrading platform, marks an important milestone for the African fintech space. Fluidpoints is a leading player in Nigeria’s rapidly growing digital payments industry, and this acquisition represents a significant move by Blockfinex to expand its footprint in Africa. The exact value of the deal remains undisclosed, but it highlights the increasing interest of international investors in Africa’s fintech sector.

Fluidpoints was founded in 2016 as a digital payments solutions provider and had since expanded to include encrypted wallet Flip and encrypted online shopping mall Fluidshops under its umbrella. The company’s ability to offer secure, fast, and cost-effective payments solutions has helped it to gain a significant market share in Nigeria’s fintech ecosystem. The acquisition by Blockfinex will enable Fluidpoints to leverage its expertise in blockchain technology and expand its services to other African markets.

Blockfinex, on the other hand, is a fast-growing cryptocurrency exchange platform that prides itself on offering 24/7 customer support and a user-friendly platform. The company has been making efforts to expand its operations outside the UAE, and the acquisition of Fluidpoints is a strategic move towards that goal. With the acquisition, Blockfinex gains access to Fluidpoints’ existing customer base and a technical team that has deep expertise in the African fintech ecosystem.

The acquisition of Fluidpoints by Blockfinex is a significant development that highlights the potential of Africa’s fintech industry to attract international investment. The African fintech sector has grown rapidly over the past decade, with a focus on mobile payments and financial inclusion. The COVID-19 pandemic has accelerated the adoption of digital payments, leading to an increasing demand for fintech solutions across the continent. The acquisition of Fluidpoints by Blockfinex is a clear indication that international companies are looking to take advantage of this opportunity.

In conclusion, this acquisition is excellent news for Nigeria’s fintech ecosystem and Africa’s overall fintech industry. It is a testament to the hard work and innovation of Fluidpoints and its team, and it highlights the potential of the African fintech industry to attract international investors. This acquisition will undoubtedly allow Blockfinex to expand its operations in Africa and gain a competitive edge in a rapidly growing market.

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