TechCabal Daily: From Social Commerce to Digital Banking – A New Chapter for Mbaabu and Sibuti
The African tech scene is known for its dynamism, and the recent moves of Tesh Mbaabu and Mesongo Sibuti perfectly illustrate this. After a brief stint at Kenyan social commerce platform Chpter, where they were brought on board to drive growth, the duo have stepped down from their day-to-day roles. This leadership transition sees Chpter’s original co-founder, Mark Kiarie, returning to the helm as CEO.
Cloud9: The Next Venture
However, Mbaabu and Sibuti haven’t stayed still for long. Just two weeks after their departure from Chpter, they unveiled their new project: Cloud9, a digital bank specifically designed for young Africans. This pivot marks another significant shift for the entrepreneurs, who previously shut down the marketplace division of their YC-backed B2B commerce startup, MarketForce, earlier in 2024. While they initially pursued social commerce with Chpter, they are now venturing into the highly competitive fintech landscape. The decision to focus on fintech is likely driven by the immense potential and investment flowing into the sector, with Kenyan fintechs securing a staggering $482 million in venture capital funding in Q1 2024 alone. The market value is expected to reach $14.54 billion by 2028.
The move into fintech highlights the constant evolution and adaptation within the African tech ecosystem. While the Kenyan fintech market is already crowded with established players like M-Pesa, Mbaabu and Sibuti are clearly confident that Cloud9 can carve out its own niche and cater to the specific needs of young Africans.
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