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Ezra Olubi, a prominent Nigerian entrepreneur and software engineer, who co-founded Paystack-one of Africa’s leading fintech firms-has been placed on suspension from his role as Chief Technology Officer following renewed allegations of sexual misconduct circulating online.
The accusations encompass claims of inappropriate conduct alongside resurfaced controversial tweets that gained viral attention once again.
In response, Paystack issued a statement outlining the following steps:
- Ezra Olubi’s suspension is effective immediately, pending a thorough investigation.
- An internal inquiry has been initiated in accordance with company policies.
- The process promises to be impartial and transparent to ensure fairness.
Since the allegations emerged, Olubi has remained silent publicly and deactivated his social media profiles.
His estimated net worth is reported to be around $100 million USD, reflecting his significant stake in Paystack, which was acquired by Stripe in 2020 for approximately $200 million.
Startups Supported by Ezra Olubi
Based on publicly accessible data, here are five startups that have received backing from Ezra Olubi, showcasing his influence beyond Paystack.
Brass: Empowering African SMEs with Digital Banking
Brass is a fintech startup focused on providing digital banking solutions tailored for small and medium-sized enterprises (SMEs) across Africa. Their services include business accounts, credit facilities, payroll management, and developer-friendly APIs.
In a $1.7 million funding round, Olubi joined other investors to support Brass’s expansion plans, which include extending credit products and entering new markets such as Kenya and South Africa.
More recently, Paystack reportedly led a consortium to acquire Brass, further integrating financial services for African businesses.
Chowdeck: Revolutionizing Food Delivery in Nigeria
Chowdeck is an on-demand food delivery service operating in Nigeria, currently active in eight cities and serving over half a million users with a fleet of more than 3,000 delivery riders.
During its $2.5 million seed funding round, Olubi was among the angel investors supporting the company’s rapid growth. Co-founder Femi Aluko emphasizes Chowdeck’s commitment to sustainable economics, ensuring fair compensation for its riders while maintaining operational efficiency.
The Peer: Pioneering Wallet-to-Wallet Transfers
The Peer was an innovative fintech startup aiming to simplify money transfers between different digital wallets through a unified API, enabling seamless interoperability among various financial platforms.
Despite raising $2.3 million in early-stage funding and achieving a valuation of $5 million, The Peer struggled to gain traction in the market.
Reasons Behind The Peer’s Closure
- Failure to achieve product-market fit despite onboarding 82 businesses.
- Only 25% of these businesses actively used the platform.
- Processed over $500,000 in transactions but generated less than $1,000 in revenue.
- Lengthy integration times hindered adoption rates.
- The African market was not yet ready for widespread wallet-to-wallet payment solutions.
Rather than continuing to expend investor funds, The Peer opted to return approximately $350,000 to investors, including Ezra Olubi, Prosper Otemuyiwa, Chipper Cash, Flutterwave, and several venture capital firms. Industry analysts regard The Peer as a visionary concept that was ahead of its time in Africa’s fragmented fintech ecosystem.
Alerzo: Streamlining Retail Supply Chains in Nigeria
Alerzo is a B2B commerce platform that assists small retailers in Nigeria by providing access to affordable inventory, logistics services, and payment management tools. It has gained popularity among local mom-and-pop stores for its cost-effective and reliable solutions.
Ezra Olubi is listed among investors who supported Alerzo during its growth phase. Although the company has undergone restructuring and workforce reductions, it remains a key player in Nigeria’s retail distribution landscape.
Fleet Device Management: Enhancing Enterprise Security
Based in San Francisco, Fleet Device Management offers an open-source platform designed to help organizations monitor, secure, and manage their computing devices, including laptops and servers.
In a $5 million seed round, Olubi joined prominent investors such as CRV, Mike Arpaia, Jack Naglieri (Panther Labs), and Sid Sijbrandij to back Fleet’s mission.
Fleet’s technology is trusted by IT and security teams at leading companies like Uber, Atlassian, Dropbox, Square, Ernst & Young, Wayfair, and Heroku, enabling real-time device visibility and robust security management for enterprise environments.
