Financial services based on customer's lifestyle
Startup name
Web address
Founding date
November 2013
Total team member
Startup stage
Paying users
Consumer, Software
Financial & payment services
Product usage or interact
Desktop, Mobile/Tablet (Android)
Lagos Nigeria, Nigeria

Elevator pitch

We offer personal financial services based on our customer's spend pattern.

Our services are designed to be automatically pushed to the customer just in time.

The financial services include: lending, p2p lending, savings, financial recommendation, and discount purchases.


Joseph Iruafemi

Joseph Iruafemi is the founder of the startup Kobotrack in Nigeria. Joseph Iruafemi began developing applications for financial institutions while working at Hypeformance, where he worked on applications for GT Bank, Chapel Hill and GT Homes.

Bernard O'bien

Software Engineer..Data Engineer. IT security Analyst. Almost done with my CFA. I have enterprise level experience in : Financial services,Telcos, SMEs and Start-Ups. Always starting or building something.Through the highs and lows of start up life; I am a better person.

Yewande Odumosu

Yewande has a background in engineering, technology & business. She is an entrepreneurial thinker with innovative ideas based on consumer insights. Some of the companies she has worked with include, Exxon Mobil, Vodacom & Google. She holds an Msc in Business Management from the University of Warwick

Business model

Target customer

People between 15 - 45 that are not part of the formal economy

Customer acquisition strategy

1. Personal finance seminars/webinars 2. Offers from merchants

Revenue model

1. Commission from payment of utility, airtime top up

2. Merchant offers - when our customers set goals like Travel/Vacation or purchase of cars, we will have our partner merchant fulfil such goals and earn a fee.

3. Escrow service: there is huge lack of trust in Nigeria for ecommerce transaction. We will facilitate escrow for our customers.

4. Our customers can pay for products listed by other customers. We earn fee when they make such payment.

Market info

Market size

$ 4,000,000,000


Our competitors are focused only on transactions.

Whereas, Kobotrack, will combine budgeting, financial goals, time and location with transactions to better know what financial services to sell to the customers.

Also our competitors will wait for the customer to visit their app to do a transaction e.g. pay utility bill. Kobotrack will base on spend pattern know when the customer needs to pay utility bill and how much to pay then it notifies the customer before time.


  • 0 Initial Deal of MVP for $50,000 from a NGN Bank

Startup traction

We have built the core of our application, web version. We have validated the need for the core with a pilot deployment contract from a bank in Nigeria. The contract was $50,000. The proof of concept had 210,000 plus returning users in the first 30 days on the bank's internet banking without marketing.

Publication date: 27 September 2017