Glade, a Nigerian fintech startup backed by Techstars, has suffered an internal hack that resulted in a loss of $214,000. The company’s CEO, Liyi Victor, confirmed the breach and said that the perpetrators hacked the company’s backend infrastructure and made away with the funds. The case has been reported to law enforcement agencies.
Glade’s hack is the latest in a series of hacks that have targeted Nigerian financial service providers in recent months. In April, crypto startup Patricia was hacked for $2 million, and in May, there were reports of a hack at Nigerian bank Globus.
In addition to the hack, Glade’s co-founder, Temitope Hundeyin, has also left the company. Hundeyin said that she was sidelined in the running of the business and that Liyi Victor, the CEO, makes all the decisions at Glade. Liyi Victor denied these claims and said that Hundeyin was let go because Glade needed to run leaner operations.
Sources close to the situation said that the breach at Glade happened in 2022 and involved a former employee. The company also shared that the ex-employee is on the run. Beyond the hack, the company’s co-founder, Temitope Hundeyin. Temitope Hundeyin, Glade’s ex-co-founder, said that she was sidelined in the running of the business. “Victor Liyi, the CEO, oversees investors, partnerships, and corporate governance.” Hundeyin left the company after the breach.
The hack and Hundeyin’s departure have raised questions about the security and management of Glade. The company has said that it is taking steps to improve its security and that it is committed to providing its customers with a safe and secure platform.
Glade was part of the Techstars Toronto spring program in 2022, where it graduated alongside six African startups and raised $435,000 on demo day.
