Ansoff’s matrix, a well-known framework in business strategy, offers four growth options for companies. One of these is market development, which involves introducing existing products to new markets. While Ansoff’s matrix suggests that market development is not particularly high-risk, it does present challenges. For instance, startups may hesitate to fully commit to new markets, often treating them as experimental ventures.
This cautious approach can lead to complications, such as the reluctance to register an entity in the new market, which then makes accepting payments difficult. What if you could sell your products, accept payments, and handle taxes without setting up a new entity in those markets? That’s the core proposition of Startbutton, a Norssken-backed startup founded in 2023 by Malick Bolakale, a former compliance lead at Paystack, and Kelechi Oti, an ex-Microsoft engineer. Startbutton acts as a merchant of record, allowing companies to sell products in foreign markets, process payments, and manage tax obligations. They also assume liabilities, such as customer refunds, for a small fee.
Since its inception, Startbutton claims to have processed over $3 million, earning commissions on each transaction. Most of its customers are in the aviation, gaming, and e-commerce sectors, spanning over 20 countries. “We intend to start first with digital commerce and move to physical goods subsequently,” the founders noted.
As Startbutton aims for broader market penetration, it will face competition from companies like Klasha, dLocal, Flocash, and Kyshi, which offer similar services in Africa’s $1.5 trillion B2B payments marketplace. While these competitors help startups receive global payments and settle local transactions, Startbutton provides additional services such as tax settlement, regulatory compliance, and fraud protection. Bolakale believes their strong focus on compliance differentiates them from the competition.
Currently operating in Nigeria, Ghana, Kenya, Rwanda, and South Africa, Startbutton plans to expand into Tanzania, Egypt, and parts of Asia. The startup was born out of a problem the founders experienced firsthand. “When I started working at Paystack, the problem became more apparent. We couldn’t work with foreign companies without local entities,” Bolakale explained. “It was clear we had a product that pan-African businesses need and could scale globally.”
Startbutton primarily serves B2B businesses in aviation, gaming, and e-commerce across more than 20 countries. “We intend to start first with digital commerce and move to physical goods subsequently,” Bolakale reiterated.
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