Building and exiting a startup is hard. Doing it twice in one of the world’s toughest markets? That’s rare air.
Between 2010 and 2018, 61 per cent of startups in Nigeria failed, according to Business Day. The odds are stacked from funding constraints and regulatory friction to infrastructure challenges.
But Oluwole Adebiyi is one of the few who not only survived but thrived, managing to launch, scale, and exit two startups in just under three years across fintech and e-commerce.
The First Act: Fusion and the Rise of BuyFood
Adebiyi’s entrepreneurial journey took shape in 2021 with the launch of Fusion, the parent company behind BuyFood, an online ordering platform designed for food businesses. Nigeria’s food tech scene has seen rapid growth, driven by shifting consumer behaviour and rising demand for convenience.
In this fast-evolving space, BuyFood stood out. Under Adebiyi’s leadership, Fusion processed over ₦1.5 billion in transactions, delivering seamless digital experiences and streamlining order workflows across the food service industry.
The momentum caught the attention of PiggyVest, one of Nigeria’s fintech heavyweights, which acquired Fusion. Rather than exiting completely, Adebiyi joined PiggyVest as Head of Product, where he led the rollout of Patronize’s bank transfer confirmation feature and continued to evolve the BuyFood platform. His execution reinforced his reputation as a sharp, product-focused founder.
Second Act: the bold mission to build a “Square for Africa”
Fresh from the PiggyVest acquisition, Adebiyi launched Grocel, a business banking and bookkeeping startup targeting Nigeria’s underserved SMEs.
His ambition was nothing less than building a financial infrastructure for small businesses in Africa—what he called a “Square for Africa.”
The market potential is massive: Africa is home to roughly 125 million Small and Medium-sized Enterprise (SMEs), which account for 90% of all private sector businesses, generate around 80% of jobs, and contribute up to 40% of GDP in many countries Despite their importance, up to five out of seven new SMEs collapse within a year, and 90% fail within five years, highlighting the extreme challenges these businesses face.
Against this backdrop of infrastructure gaps, regulatory hurdles, and chronic funding shortages, Grocel processed over ₦2.5 billion in transactions, offering clear and accessible financial services tailored to SMEs’ needs.
In November 2023, Moniepoint Group acquired Grocel, marking Adebiyi’s second exit and affirming his ability to build scalable, acquisition‑ready fintech infrastructure in the toughest conditions. When speaking with Oluwole Adebiyi, one theme was clear—his drive has never been about hype.
“At every stage, whether it was Fusion, PiggyVest, or Grocel, I wasn’t chasing shiny ideas. I was solving real problems for real businesses,” he says. “When you build for SMEs, you’re not just building for one company. You are building for families, communities, and entire economies. That’s what keeps me going.
Lessons from the Fast Lane: What Founders Can Learn from Oluwole Adebiyi
Oluwole Adebiyi did not just build and exit two startups. He built systems, teams, and momentum in markets that often consume founders quickly. For anyone building in Africa or other emerging economies, his playbook delivers a few sharp lessons.
The first is simple but hard to execute: build for real pain, not vanity metrics. Adebiyi focused on tangible problems faced by food vendors, small retailers, and everyday business owners. His approach to product was rooted in empathy and direct feedback, not hype.
Second, he scaled with structure. Operational excellence is not optional when infrastructure is broken and margins are thin. Whether it was streamlining order flows at BuyFood or simplifying SME finance at Grocel, he built processes that worked even under pressure.
Third, and maybe most important, is his ability to lead through chaos. Resilience is a founder’s real superpower.
Adebiyi ran high-growth teams, navigated two acquisitions, and stayed mission-focused throughout. That kind of steady leadership is rare, and it is what turned good products into companies worth acquiring.
For founders building in complex markets, Adebiyi’s journey is not just inspiring. It is instructive.
