The name that froze a funding round: Inside Zap Africa’s trademark battle with Paystack
- Zap Africa crossed 50,000 users for their non-custodial crypto exchange.
- The company was in talks to close a crucial seed funding round when the deal froze due to issues with Paystack.
- Paystack launched a product called 'Zap', which created a conflict over branding.
The situation between Zap Africa and Paystack highlights the challenges faced by startups in Nigeria's competitive fintech landscape. The aggressive tactics of larger companies can stifle innovation and create an environment of distrust, which is detrimental not only to the startups but also to the overall growth of the industry. A more collaborative approach could foster a healthier ecosystem for all players involved.
