binarypublish- Toronto-based beauty tech startup Fyyne has been bought by Nigerian e-commerce firm Bumpa. The terms of the deal, which closed this summer, have not been revealed.
- Fyyne, which offers a platform for beauty services and business tools for independent beauticians, plans to leverage the acquisition to facilitate its expansion into new markets.
- Fyyne’s team is primarily composed of Nigerian employees based in Toronto and Lagos – the same city where Bumpa is headquartered.
- Fyyne, founded by Fasegha along with former University of Toronto classmates Olugbenga Olubanjo and Al-Ameen Ogundiran in late 2020, was initially focused on improving Black haircare accessibility. It later widened its services to cater to a broader range of groups and expanded into the UK and the US.
- Bumpa, founded by CEO Kelvin Umechukwu and CTO Adetunji Opayele in 2021, helps merchants establish and manage e-commerce stores using their smartphones. The startup raised $4 million in seed funding last year to bolster its growth.
Fyyne’s co-founder and former CEO, Jeffrey Fasegha, expressed that their missions align well with Bumpa’s, which influenced their decision to consolidate. Fyyne has been considering entering the African market, where Bumpa already has significant expertise. Concurrently, Bumpa has been preparing to take its products to the West.
The acquisition includes Fyyne’s tech, customer base, and some of its team. Fyyne will continue to operate on its own, with the announcement of its next CEO anticipated soon. Fasegha has transitioned to an advisory role and will remain involved in this capacity indefinitely. Olubanjo and Ogundiran have departed from Fyyne following the deal.
According to Fasegha, there were certain technical challenges related to instant payments and other industry-specific issues that Fyyne resolved. These solutions have provided valuable lessons for Bumpa. Fasegha is excited about the mutual exchange of innovation and learning between Nigeria and the West.
