This Techstars-backed startup joins the record of fintechs which have suffered losses from breaches to their know-how.
Techstars-backed fintech startup, Glade, was the sufferer of an internal breach. Two sources informed TechCabal that the breach led to the lack of $214,000. The firm’s CEO, Liyi Victor, confirmed the breach to TechCabal however didn’t touch upon how a lot was misplaced. Liyi mentioned that the perpetrators hacked the corporate’s backend infrastructure and made away with the funds. The case has been reported to legislation enforcement businesses.
Glade’s hack is the most recent within the sequence of hacks that Nigerian monetary service suppliers have suffered previously yr. Last month, in a narrative first reported by TechCabal, the crypto startup Patricia misplaced $2 million to hackers in 2021. The firm mentioned this week that it might arraign the hackers to courtroom quickly. There have been additionally reviews of a hack at one other Nigerian financial institution, Globus. The lengthy record of corporations hacked additionally consists of MTN’s MoMo and Flutterwave.
Glade was a part of the Techstars Toronto spring program in 2022, the place it graduated alongside six African startups and raised $435,000 on demo day. TechCabal requested Techstars if it knew of the breach, however it seems the accelerator had been saved out of the loop.
Sources shut to the scenario additionally informed TechCabal that the breach at Glade occurred in 2022 and concerned a former worker. The firm additionally shared that the ex-employee is on the run. Beyond the hack, the corporate’s co-founder, Temitope Hundeyin, has additionally left the corporate.
A contentious co-founder’s exit
Temitope Hundeyin, Glade’s ex-co-founder, informed TechCabal that she was sidelined within the operating of the enterprise. “Victor Liyi, the CEO, oversees investors, partnerships, and corporate governance.” Hundeyin left the corporate after the breach.
Liyi pushed again towards the claims and informed TechCabal that he fired Hundeyin as a result of Glade wanted to run leaner operations. He additionally denied the declare that he makes all the choices at Glade. “[We have] a management team responsible for the day-to-day running of the company, and some independent advisors that provide objective oversight of the management team.”
But 5 sources who’ve labored with Glade disagree with Liyi. One present worker who requested to stay nameless informed TechCabal, “Liyi runs Glade all by himself. He answers to no one and even gets into brawls with investors.”
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