How Firstbase enabled a Nigerian fintech company to apply for a US-based accelerator

September 28, 2021

Friendsvow, Inc. is a Nigerian Financial Services firm that created an app (Friendsvow) that allows users to lend money to their friends, family, and coworkers using a mechanism that protects all parties involved from delays, issues, and casualties.

How it all began

“Money is the most significant man-made requirement in life today,” says Colyns Ehys, Co-Founder & CEO of Friendsvow Inc.

He explains that when you are in urgent need of money for health, education, or business, the quickest way to get it in Nigeria is to request a loan from your network of friends, relatives, and colleagues.

However, because there is no protection or accountability structure in place, this is an extremely dangerous practice.

As a result, this 'borrowing' strategy is not only unsustainable but also widely abused and troublesome.

Recognizing the issue, Ehys and his team began brainstorming ways to facilitate this "borrowing" model while also making it safer and more secure for all parties involved.

“When you look at the Internet today, there is no default app for Fintech that stands out in the same way that Facebook provides a solution for Social Networking, Google provides solutions for Search Engine, Amazon provides a solution for eCommerce, and so on. However, there is no comparable option for obtaining funds, particularly a convenient solution for financial credit,” Ehys says.

This is how and why Friendsvow Inc was born.

How they discovered Firstbase

After starting their work on Friendsvow Inc, Ehys and his team consulted with a few peers who are also entrepreneurs and have incorporated in the US.

They cautioned them that if they applied for an incubator/accelerator without a US-incorporated company, their application would be rejected/bypassed.

Upon learning this, and confirming it with a few other entrepreneurs, they decided to also incorporate Friendsvow Inc in the US.

Firstbase.io is the service they had read and heard the most about, so they did not hesitate and applied.

Firstbase to the rescue

Friendsvow Inc was incorporated in a matter of days thanks to Firstbase.

They were able to successfully apply for the US-based startup accelerator. By incorporating their business in the United States, they were also able to:

  • Accept payments online via Stripe, Paypal, and some other payment processor
  • Sign contracts with US-based clients
  • Take advantage of simplified bureaucracy compared to their home country
  • Open a physical location/office in the US
  • Build trust with customers by doing business as a US-incorporated company

What’s next for Friendsvow Inc?

“Our next goal is to become the Facebook of financial credit by assisting people in monetizing their network of friends,” Ehys explains.

Final Thoughts

“Everything with Firstbase was fast, smooth, and pleasing because we got the service we paid for and it was delivered by the same excellence it was advertised with,” Ehys concludes.

With Firstbase.io, you can set aside your concerns about US incorporation and instead focus on your company's success.

Incorporate a US company from anywhere in the world in a quick, fast, and cost-effective manner.

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