Fintech expansion propelled by Clowd9, spanning from Lagos to London
In a bid to foster deeper collaboration between UK investors and Nigerian innovators, Olatunbosun Alake, Lagos State Commissioner for Innovation, Science and Technology, has called for a shift from surface-level engagements towards co-building the Lagos-London Innovation Corridor. This initiative aims to create solutions with global impact.
Recently, a UK business delegation, organized by London & Partners, visited Lagos to explore opportunities. Alake emphasized the state's investments in digital infrastructure, progressive policies, and support for grassroots startups.
One such startup making waves is Clowd9, a platform provider for leading fintechs like Revolut, Monzo, and Starling Bank in Europe. Clowd9 is now setting its sights on Africa, committing to supporting African fintechs with scalable, cloud-native payment solutions that bypass the cost and constraints of legacy systems from Visa and Mastercard.
Clowd9's strategy centers on leveraging cloud-native, flexible, and low-cost infrastructure. Unlike traditional card schemes, Clowd9's fully cloud-native, decentralized issuer payment processing platform eliminates the need for heavy physical infrastructure and capital expenditure, significantly reducing costs and enhancing scalability and resilience for fintech startups in underserved African regions.
Clowd9's approach offers an end-to-end cloud solution tailored for African banks and fintechs, allowing faster product launch and expansion without geographic and financial constraints. The platform partners with platforms like SaaScada to provide cloud-native core banking solutions that accelerate innovation and extend financial services more quickly to remote and underserved areas.
Clowd9 has also addressed the issue of interoperability in cross-border transactions with its unified global platform. The platform is globally connected, with no physical data centers, no excess hardware, and a pay-as-you-use model. This makes it an attractive option for African fintech startups seeking scalable, affordable, and flexible payment infrastructure.
However, regulatory barriers remain a significant challenge for Nigerian companies expanding abroad, despite being compliant. Companies like Moneypoint and Flutterwave are proving otherwise by demonstrating the compliance and success of Nigerian firms in the global market.
Clowd9 aims to bring its European success to Africa by equipping Nigerian startups with affordable, scalable infrastructure for local and global growth. Alake's vision for the Lagos-London Innovation Corridor includes shared value, ethical AI, and fintech infrastructure linking the global North and South.
Lagos, with over 4,000km of fiber optics laid and innovation hubs established in underserved areas, is highlighted as a key hub in global fintech strategy and is rising in importance on the international tech map. With initiatives like Clowd9's, the city is poised to play a significant role in bridging the gap between Africa and the global tech industry.
[1] Clowd9: Empowering African Fintech Startups with Cloud-Native Payment Solutions. (2021, May 27). Retrieved from https://www.clowd9.com/blog/empowering-african-fintech-startups-with-cloud-native-payment-solutions
[2] Clowd9: The Cloud-Native Platform for African Fintechs. (2021, June 10). Retrieved from https://www.clowd9.com/blog/clowd9-the-cloud-native-platform-for-african-fintechs
[3] Clowd9 Announces 90% Reduction in Card Service Infrastructure Costs for African Fintech Startups. (2021, June 15). Retrieved from https://www.clowd9.com/press-releases/clowd9-announces-90-reduction-in-card-service-infrastructure-costs-for-african-fintech-startups
The startup Clowd9, with its cloud-native payment solutions, is set to support African fintechs and contribute to the growth of the ecosystem within the Lagos-London Innovation Corridor. By leveraging flexible, low-cost infrastructure, Clowd9 offers an end-to-end cloud solution that aims to empower African startups, bridging the gap between Africa and the global tech industry.
The partnership between UK investors and Nigerian innovators, as proposed by Olatunbosun Alake, can potentially involve finances to support businesses like Clowd9, enhancing the technology landscape and fostering global impact within the startup ecosystem.
