Nigerian startup 1vault is transforming the way small and medium-sized enterprises (SMEs) manage their businesses by providing an all-in-one digital solution. The platform offers online storefronts, virtual business bank accounts, and social media management tools, helping business owners streamline operations and boost productivity.
A One-Stop Platform for SME Growth
Founded in 2024, 1vault combines analytics and built-in business services to help SMEs improve efficiency. Its offerings include:
E-commerce storefronts for businesses to showcase products online
Virtual banking services to facilitate seamless transactions
Social media management to enhance digital visibility
Business registration, accounting, bill payments, and legal services to simplify operations
Solving Key Challenges for SMEs
According to 1vault co-founder and CEO Babajide Padonu, the startup addresses pressing issues such as:
Lack of entrepreneurial skills and human capacity
Inadequate business tools and financial services
Underutilized technology in business operations
“SMEs often struggle with inadequate business tools, which contribute to a 70% revenue drop and force four out of five businesses to shut down within their first year,” Padonu told Disrupt Africa.
A Pivot from Logistics to Fintech
The 1vault team initially launched a last-mile delivery startup, Flashbike, in 2022, but faced setbacks due to unreliable third-party providers and Nigeria’s fragmented logistics system. Instead of shutting down, the team pivoted in October 2024, leveraging their experience with micro, small, and medium enterprises (MSMEs) to build 1vault.
Rapid Growth and Adoption
Since its launch, 1vault has processed over NGN150 million (US$100,000) in transactions via its virtual banking app. The platform has also seen a significant increase in app downloads and customer registrations.
Monetization and Future Expansion
Currently bootstrapped but seeking investment, 1vault generates revenue through:
Commissions on transactions via its virtual banking app
Bill payment services
Subscription fees for its online storefront and social media management tools
While 1vault is focused on the Nigerian market for now, Padonu says the company has plans to expand into other African countries after conducting market research.
With its comprehensive business solutions and rapid adoption, 1vault is positioning itself as a game-changer for SMEs, enabling them to thrive in Nigeria’s competitive business landscape.
