Nigerian cryptocurrency exchange Roqqu has acquired Flitaa, a Kenya-based crypto startup, marking its official entry into East Africa’s fintech market. The move underscores a growing trend of Nigerian tech firms expanding regionally to tap into East Africa’s mobile-driven economy and more open regulatory frameworks.
Founded in 2019, Flitaa operates in Kenya, Ghana, Uganda, and Tanzania, offering simple crypto buy-and-sell services that have earned it a loyal user base across the region. While the financial terms of the deal remain undisclosed, Roqqu confirmed that Flitaa’s operations will be integrated into its platform.
The acquisition gives Roqqu an immediate foothold in the Kenyan market and is part of its broader vision to become a pan-African crypto platform. The company, which has operated without external capital since its inception in 2019, also claims to have received regulatory approval to operate in Kenya, though this has yet to be independently verified.
This strategic move follows Roqqu’s 2022 acquisition of a virtual currency license in the European Economic Area, further signaling its ambitions for both regional and global expansion. By acquiring an existing operator like Flitaa, Roqqu aims to bypass entry barriers such as licensing delays and early user acquisition challenges.
Nigerian Startups Are Moving East
Roqqu’s expansion mirrors a broader pattern of Nigerian fintechs targeting East Africa. In June 2025, Nigerian payment infrastructure firm Fincra secured a license from the Bank of Tanzania, marking its third regulatory approval in the region. Similarly, cross-border payments platform Grey set up its East African hub in Kenya, while investment platform Risevest has explored acquisition opportunities to gain market entry.
With Nigeria’s fintech ecosystem becoming more saturated and competitive, startups are increasingly turning to East Africa’s high mobile money penetration and relatively flexible regulatory regimes for growth.
However, expansion is not without risk. Differences in consumer behavior, compliance requirements, and financial infrastructure pose unique challenges. Roqqu’s acquisition of Flitaa reflects a growing trend where acquisitions and local partnerships are favored for faster market entry.
Crypto in a Tough Funding Climate
Roqqu’s move comes as African startups face tightening capital markets. In March 2025, total startup funding across the continent plunged to $50 million—the lowest monthly figure in recent years. Despite the downturn, Nigeria and Kenya combined accounted for nearly 50% of that funding, reinforcing their status as key innovation hubs.
As investor caution rises, intra-African consolidation is expected to increase, especially in sectors like crypto and fintech. Roqqu’s acquisition of Flitaa positions it at the forefront of this shift, leveraging consolidation as a strategy to scale across markets and strengthen its competitive edge.
