A Nigerian fintech company, MySub, has ceased operations as an independent entity following its acquisition by a private firm.
In a statement issued by the firm, the acquisition, which involved the full transfer of MySub’s assets, effectively brings the company’s journey as a standalone fintech to an end.
The firm, however, did not reveal the financial details of the deal, and the identity of the acquiring firm remains unknown.
It described the acquisition as a natural next step for its technology and team, noting that investors and established players are increasingly seeking proven infrastructure to strengthen their offerings.
Unlike many fintech exits that disrupt users and partners, the company said it prioritised a transparent and accountable wind-down process before concluding the transaction.
It stated, “Management confirmed that all seller obligations, including performance bonuses, were fully settled, while buyers with outstanding balances or pending transactions were refunded in full.
“Our exit strategy was built on the same foundation as our product: trust. Before the keys were handed over, we ensured that every naira was accounted for and every user was made whole. Accountability isn’t just a feature; it’s a legacy.”
It said that the firm was launched to address long-standing challenges associated with group payments in Nigeria, where communal living and shared expenses are common.
It noted that the platform provided a structured and transparent way to manage shared rent, utility bills, streaming subscriptions, travel funds and other collective expenses that were often handled informally.
Founded by Raphael Obodugo, with Zacchaeus Bolaji as Chief Technology Officer, the fintech company said it differentiated itself by acting as a neutral “financial referee” for group spending. By formalising Nigeria’s traditional “ajo” and group contribution culture, the platform helped users reduce disputes and improve accountability in collective finances.
According to the statement, MySub’s transition from an independent startup to an acquired asset highlights a broader shift in how success is measured in the sector, from the pursuit of unicorn status to the development of sustainable, well-governed solutions capable of integrating into larger financial ecosystems.
Although the founders have not disclosed their next steps, the company said its final message to stakeholders was rooted in integrity and responsibility.
“MySub began as an attempt to solve a real, everyday problem. What mattered most to us at the end was ensuring that every commitment made on the platform was honoured. We didn’t just want to build a product; we wanted to build a standard for how financial transitions should be handled in this ecosystem,” the statement read.
The statement added that with the acquisition completed, MySub has formally ended all independent operations.
It added that any future updates regarding the integration or potential relaunch of its technology will be communicated by the acquiring entity.
Read the full article here
