In a rare intra-African crypto acquisition, Nigerian digital asset startup Roqqu has acquired Kenya- and Nigeria-based exchange Flitaa, marking a significant step into East Africa’s growing crypto market. Although the terms of the all-cash deal remain undisclosed, Roqqu confirmed that the acquisition has received regulatory approval. This move allows Roqqu to fast-track entry into Kenya without enduring the country’s lengthy crypto licensing process.
Bypassing Regulatory Hurdles
Kenya’s regulatory environment has been a roadblock for several crypto companies, but Roqqu has strategically avoided these issues by acquiring an already compliant operator. Competitors like Luno and Busha have faced delays in launching in Kenya due to uncertain crypto policies. With Flitaa’s groundwork in place, Roqqu gains not only entry into the Kenyan market but also a foundation for broader East African expansion.
An Africa-First Growth Strategy
Though Roqqu has expressed ambitions to expand into Europe, this acquisition highlights a renewed commitment to deepening its presence across Africa. “We also want to expand into our home base,” said Ayo Shonibare, Roqqu’s Chief Marketing Officer, emphasizing the company’s pan-African aspirations. The move aligns with a larger trend of regional consolidation as African crypto firms look to scale efficiently.
Flitaa to Operate Independently Under New Leadership
Post-acquisition, Flitaa will continue to function as an independent brand, but its internal structure has been overhauled. Roqqu has provided severance packages to Flitaa’s previous team, and Great Onomor, a director at Roqqu, will now lead the company as CEO. This transition enables a smoother integration of infrastructure while maintaining Flitaa’s brand recognition in East Africa.
Unlocking Synergies Between the Two Platforms
The integration brings tangible benefits to both user bases. Flitaa customers now gain access to Roqqu’s broader suite of services, including more robust infrastructure and product offerings. In return, Roqqu secures a foothold in a market that had previously been difficult to penetrate due to both regulatory and technical challenges.
Flitaa’s Regional Foundations Proved Key
Flitaa had already laid the groundwork in Kenya, and its operations in Uganda, Rwanda, and Tanzania made it an attractive acquisition target. Rather than investing time and resources to start from scratch, Roqqu capitalized on Flitaa’s established operational processes. Shonibare noted that Flitaa’s compliance with Kenyan regulations was a major factor in the decision to acquire.
M-PESA Integration Offers Strategic Advantage
One of Flitaa’s most valuable assets was its deep integration with M-PESA, Kenya’s leading mobile money platform. This integration made it easy for users to convert cryptocurrencies to local currency and navigate the $100 million crypto market more effectively. With banks barred from servicing crypto companies in Kenya, M-PESA access offered a critical off-ramp for Roqqu’s broader expansion.
Challenges and Value of the Deal
Despite its strengths, Flitaa came with limitations. It lacked proprietary technology, received poor app reviews, and had limited revenue due to a relatively small user base of 72,544. Investment analysts estimated the deal’s value between $85,000 and $350,000, reflecting both the opportunity and constraints inherent in the acquisition.
Roqqu’s acquisition of Flitaa is more than a simple expansion play—it’s a calculated move to anchor itself in East Africa’s fast-evolving crypto scene. By absorbing a locally embedded startup with regulatory clearance and M-PESA integration, Roqqu positions itself to compete more aggressively in multiple African markets. As the continent’s digital asset ecosystem matures, Roqqu is betting on regional consolidation as the key to sustainable growth.
Source: TechCabal