In a startup ecosystem where founders often rush toward venture capital, Raphael Prince Obodugo chose a different path. He built quietly, scaled deliberately, and proved that a fintech company could grow without external funding.
“We never raised. Not a single dollar,” he said, a statement that sharply contrasts with the dominant narrative in Africa’s tech space.
Instead of chasing investors, Obodugo focused on solving a clear, everyday problem. Across West Africa, people already pooled money for rent, subscriptions, and school fees using informal channels like WhatsApp and spreadsheets. However, these methods lacked structure and accountability. So, he built MySub to formalize that behavior.
The product quickly gained traction because it mirrored existing habits. Users could split Netflix subscriptions, manage shared rent, or contribute to group expenses without confusion. As a result, MySub eliminated friction and reduced the awkwardness often tied to shared payments.
Growth followed naturally. Rather than spending on ads, Obodugo embedded the product within communities. He targeted student groups, digital forums, and young professional networks where these financial interactions already happened. Consequently, word-of-mouth became the primary growth engine.
“When a product genuinely solves a problem, people talk about it,” he explained.
That strategy paid off. MySub scaled to over 360,000 users, all while maintaining a lean operation. At the same time, the company generated $6.7K in monthly recurring revenue. Although modest by global standards, the figure reflects strong fundamentals for a bootstrapped African fintech.
Profitability remained a priority from day one. Every feature served a purpose—either to retain users or drive revenue. Moreover, operating across both the U.S. and Nigeria required strict compliance. In fintech, Obodugo emphasized, trust defines success. If users doubt the safety of their funds, growth stalls immediately.
The startup’s unique model eventually attracted international recognition. MySub secured a spot in Startup Lisboa, Portugal’s flagship incubator. This exposure validated its potential beyond Africa and introduced a broader perspective on scaling and regulatory frameworks.
Still, bootstrapping came with challenges. Without investors, Obodugo navigated uncertainty alone. There were moments when growth slowed, and decisions carried heavier weight. Nevertheless, that solitude helped him develop a strong internal decision-making framework.
Eventually, he chose to step away—not because the company struggled, but because it succeeded. The foundation was solid, the model proven, and the operations stable. However, a new vision was already forming.
He shifted focus to Avae, a more ambitious venture that demanded his full attention. Walking away from a healthy business was difficult, yet necessary.
Reflecting on his journey, Obodugo believes many first-time founders make a critical mistake. They build for investors instead of users. While pitch metrics may impress, they rarely sustain a business.
Instead, he stayed obsessed with user experience. He studied behavior, refined feedback loops, and improved retention continuously. That discipline, he noted, defines true bootstrapping.
Today, his story stands as a compelling example of organic growth in Africa’s fintech space. It shows that with clarity, discipline, and a deep understanding of users, founders can build impactful companies—without raising a single dollar.
