The Evolution of Flashbike: From Last-Mile Delivery to Empowering Nigerian MSMEs with 1Vault
Flashbike was born with a bold vision: to simplify last-mile delivery in Nigeria, much like ride-hailing had transformed urban transportation. Yet, despite offering its services free of charge, the startup faced insurmountable challenges, including unreliable third-party providers and a fragmented logistics ecosystem. Scaling proved elusive.
Rather than accept defeat, the team chose to pivot, drawing on their deep experience working with micro, small, and medium enterprises (MSMEs). This pivot gave birth to 1Vault, a super app designed to address the critical needs of small businesses in Nigeria.
“We saw a need for better bookkeeping and sales tools for SMEs,” explained Segun Adebirigbe, Co-founder and Chief Product Officer of 1Vault.
MSMEs are the backbone of Nigeria’s economy, contributing over 40% of the gross domestic product (GDP) and generating 80% of employment. However, these businesses face significant barriers, from cumbersome registration processes to a lack of formalization. According to the Moniepoint Informal Economy Report, nearly 90% of Nigeria’s over 40 million MSMEs remain informal, limiting their access to financing and government support.
Despite these hurdles, digital adoption in Nigeria is surging. Over 25 million Nigerians own smartphones, and many use them for business activities. Platforms like WhatsApp and Instagram have become indispensable for reaching customers. This trend has spurred a wave of startup activity aimed at helping MSMEs formalize and thrive—a movement 1Vault is poised to lead.
The Journey to 1Vault
The co-founders’ story began in 2016 when Babajide Padonu (CEO) and Segun Adebirigbe collaborated at an IT firm. By July 2018, Adebirigbe introduced Kola Roberts (COO) to Padonu, setting the stage for their future partnership. In 2022, the trio launched Flashbike, later bringing on Femi Adefaka (CTO) during the transition to 1Vault. Together, they combined their expertise in technology and SME development, both in Nigeria and the UK.
What is 1Vault?
1Vault is a digital platform designed to simplify business operations for MSMEs. Accessible via web and mobile, the app offers an integrated suite of tools that address bookkeeping, compliance, digital marketing, and eCommerce, among other needs.
“No other fintech offers the complete suite of products we do,” said Adebirigbe.
- Business Registration: Entrepreneurs can seamlessly register their businesses with Nigeria’s Corporate Affairs Commission (CAC), gaining credibility and access to support.
- Bookkeeping & Accounting: Automated tools help track inventory, invoices, and tax compliance.
- Banking Services: Through partnerships, businesses can open accounts in under a minute, with access to loans, overdrafts, and savings tools.
- eCommerce Solutions: The app enables MSMEs to create online stores, manage orders via WhatsApp, and analyze customer behavior.
- Social Media Management: Businesses can enhance their digital presence with services like content creation, targeted advertising, and real-time engagement.
Business Model and Competitive Edge
1Vault generates revenue through service subscriptions, particularly for features like social media management. While basic bookkeeping is free to encourage adoption, the platform monetizes other services, such as commissions from bill payments and interest on loans.
In a competitive market flooded with startups targeting SMEs, 1Vault’s differentiation lies in its all-in-one platform and commitment to stellar customer experiences.
Early Traction and Vision
Since launching, over 200 businesses have signed up, with the platform processing more than ₦20 million in transactions in its first month of offering bill payment services.
However, challenges remain. Many MSME owners are hesitant to embrace digital tools, often unaware of how platforms like Instagram or WhatsApp can drive sales.
“Some entrepreneurs don’t realize social media can be a tool for business,” Adebirigbe noted.
Lessons from Flashbike
The 1Vault team has carried key lessons from their Flashbike experience into this new venture. For instance, they now prioritize charging users early for services to ensure sustainability—a shift from Flashbike’s free-service model.
Additionally, they’ve doubled down on delivering exceptional customer service, a strength that won them loyal users during their Flashbike days.
Ambitious Goals
While still in its early days, 1Vault is not short on ambition. The team aims to capture 23% of Nigeria’s MSME market—approximately nine million businesses—within the next three years.
“We’re focused on transforming the way Nigerian MSMEs operate,” said Adebirigbe.
By combining technology, strategic partnerships, and deep market insights, 1Vault is carving a path to become the go-to platform for small businesses in Nigeria.
