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Tag: Flashbike

  • 1Vault to automate bookkeeping, track inventory for Nigerian SMEs to power African SMEs with a super app

    1Vault to automate bookkeeping, track inventory for Nigerian SMEs to power African SMEs with a super app

    1Vault was on Monday announced a pioneering super app to empower Nigeria’s small and medium enterprises (SMEs). 

    Founded by a quartet of technocrats —Babajide Padonu, Segun Adebirigbe, Kola Roberts, and Femi Adefaka— 1Vault aims to address the challenges faced by its predecessor, Flashbike.

    The team recognised the urgent need for better business management tools among Nigerian MSMEs, which significantly contribute to the economy by providing 80 percent of jobs and over 40 percent of GDP.

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    Comprehensive solution for SMEs

    1Vault combines multiple services into one platform, simplifying operations for SMEs. It offers business registration, bookkeeping, and banking services, enabling entrepreneurs to formalise their businesses and enhance their credibility.

    “The reason we chose 1Vault was because we saw a need for better bookkeeping and sales for SMEs,” said Segun Adebirigbe, Co-founder and Chief Product Officer.

    The app allows users to register businesses quickly with Nigeria’s Corporate Affairs Commission (CAC), automate bookkeeping, and track inventory. 

    Additionally, it facilitates easy banking access, allowing businesses to create accounts in under a minute and providing services like loans and savings tools.

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    Building a robust ecosystem

    1Vault’s revenue model includes service subscriptions for features like social media management while offering free bookkeeping to attract users. With over 200 businesses already signed up, the startup aims to reach approximately nine million MSMEs in Nigeria within three years.

    Despite competition from various startups, 1Vault distinguishes itself with a comprehensive suite of services tailored for SMEs. 

    The founders are dedicated to providing an exceptional customer experience, applying lessons from their previous ventures. They aim to impact Nigeria’s business landscape significantly, empowering numerous entrepreneurs as they grow their platform.

  • Flashbike Provides Pick-Up Services Using Fiverr Concept

    Flashbike Provides Pick-Up Services Using Fiverr Concept

    Flashbike, a cross-company bike logistics platform where one can request for the closest logistic bike to pick up and deliver orders; explains how they use the Fiverr model to provide instant pick-up services.

    Flashbike: How it started

    The interview conducted by techpoint reveals that, in Early 2021, Babajide Padonu, Kolawole Roberts, and Oluwasegun Aderibigbe got together to talk about a number of issues. Padonu and Aderibigbe had previously worked together at a company, and they formed a close connection. After meeting through Aderibigbe, Roberts and Padonu decided to proceed.

    “It started as a joke and perhaps an avenue to vent about frustrations caused by dispatch riders, but soon the idea to form Flashbike went from jokester territory to serious business.
    The idea was simple: create a platform that aggregates dispatch riders, enables tracking, and works as quickly as a ride-hailing business. And It took seven months to churn out a workable iteration and by November 2021, Flashbike was live on Google Play Store and the Apple App Store.

    Padonu explained, “I’ve had a lot of [sic]. I’ve tried to send parcels and they take a long time to come. Or the rider promises that they are going to come and they don’t come or after they’ve promised, they don’t pick your call anymore after you’ve discussed everything. So, it was just very frustrating.” Referring to his personal experience,

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    Padonu also claims that Aderibigbe was the one who originally came up with the concept for an app, and as the conversation progressed, questions like money and what precisely this would address arose. As a result of their investigation, they uncovered a significant gap: extended pickup and delivery wait times.

    The Flashbike concept combines dispatch companies to provide a pick-up service, with the consumer being able to choose the one that is nearest to them.

    The Fiverr model

    As Fiverr is an online marketplace that connects sellers and buyers.

    He proceeds his word by saying, “Flashbike’s model aggregates dispatch companies to provide a pick-up service with the user given the option to pick whichever is closest to them.

    “What this means is that, explain Padonu resides in Lekki and wishes to deliver a dress to his mother in Surulere, he can open the app, set the pickup and delivery location, and he could find a dispatch rider as close as 10 km away with a wait time of between 15 – 20 minutes.”

    Initially, the goal was to provide immediate service, but they had to limit expectations owing to a shortage of riders.

    Flashbike has opted for a different model than most of its rivals. A B2B model is used instead of personally enrolling riders, and it entails presenting the platform to conventional or small-time dispatch organizations that have little to no technology integrated into their business model.

    “So, think of this as a Fiverr but for dispatch companies.

    The model benefits.

    Some of the risks that Flashbike faces are reduced as a result of this, including fewer issues with bike repairs and maintenance, fewer potential regulatory penalties, and better customer satisfaction training for riders. However, they must still deal with customer satisfaction.

    The future plans.

    In addition, He affirmed that “Flashbike is in no hurry to raise funds, being currently financed by family and friends. Although the company has been approached by investors, they want to double down and work on the app before seeking any type of finance.
    Currently, there are plans to expand beyond Lagos and into Abuja by the second quarter of 2022, Port-Harcourt by the third quarter, Ghana by the fourth quarter, and Kenya by the third quarter of 2023.”