For many cryptocurrency users, the hardest part is no longer buying or earning digital assets, it is converting them into money that can be used in everyday life. Nigerian fintech startup Breet believes it has solved that challenge.
Since launching in 2021, the company has built a platform that automatically converts cryptocurrencies into local currencies such as the naira, US dollar, and Ghanaian cedi.
This enables users to receive funds directly into their bank accounts without navigating the complexities of traditional crypto exchanges or peer-to-peer trading.
Today, the self-funded startup says it has processed more than US$1 billion in transaction volume, completed over five million transactions, and is steadily evolving from a consumer-focused crypto application into the infrastructure powering digital asset payments for businesses across Africa.
What is Breet and what does it do?
Founded in February 2021 by Kayode Faturoti and Balogun Usman, Breet is a Nigerian fintech startup focused on making cryptocurrencies easier to use in everyday financial transactions.
Rather than positioning itself as another cryptocurrency exchange or investment platform, the company has built its business around simplifying the movement of digital assets into usable cash.
Users can receive cryptocurrencies such as Bitcoin directly into their Breet wallets, after which the platform automatically converts the funds into local currencies including the Nigerian naira, US dollar, or Ghanaian cedi.
Depending on the user’s preferences, the converted funds can either remain in the Breet wallet or be transferred directly into a linked bank account without requiring users to manually initiate the transaction.
Co-founder Kayode Faturoti summarised the company’s mission in remarkably simple terms, saying, “Breet makes crypto spendable. That’s the whole company in three words, and everything we build bends toward it.”
Beyond simple crypto conversion, Breet has gradually expanded its services to include cryptocurrency purchases, coin swaps, crypto invoicing for businesses, bill payments, and developer APIs that enable other companies to integrate crypto payment capabilities into their own products.
According to Faturoti, every new feature serves the same broader objective.
“We were the first platform in Africa to fully automate that offramp flow, and every feature we’ve shipped since is just another route to the same destination: making crypto something you can actually use.”
That philosophy has helped define Breet’s identity in an increasingly crowded African fintech ecosystem.
What problem is Breet trying to solve?
Although cryptocurrencies have become increasingly popular across Africa, converting digital assets into spendable cash has often remained frustrating, time-consuming, and sometimes risky.
Before platforms like Breet emerged, many crypto holders relied heavily on peer-to-peer (P2P) marketplaces or conventional cryptocurrency exchanges to cash out their holdings.
These methods frequently involved negotiating exchange rates, waiting for buyers, managing failed transactions, and exposing users to potential scams.
Faturoti revealed that Breet itself was born from witnessing this exact problem.
He recalled watching someone close to him profit from selling an NFT, only to spend several stressful hours attempting to convert those earnings into naira.
“By the time the cash finally landed, the stress had eaten all the joy out of it. I kept thinking, this is backwards. The hard part should be earning the crypto, not spending it.”
That experience convinced the founders that crypto adoption would remain limited if ordinary users continued facing technical barriers every time they wanted to access their money.
Rather than asking customers to understand blockchain technology, wallet management, or complex trading systems, Breet decided to hide all the technical complexity behind a simple user experience.
Faturoti explained the company’s thinking by saying:
“We took the most intimidating thing in fintech and made it feel like nothing, because the point of money is to use it, not to study it.”
Building crypto infrastructure beyond individual users
While Breet initially focused on helping individual users convert crypto into cash, the startup has increasingly positioned itself as a technology infrastructure provider for businesses.
One of its biggest strategic developments has been the launch of its Business-to-Business (B2B) API, which allows companies to integrate crypto payments, digital wallets, and automatic crypto-to-fiat settlement into their own applications.
Instead of building complicated blockchain systems from scratch, developers can simply connect to Breet’s infrastructure.
Faturoti described this evolution by saying, “Breet started as a product and has become infrastructure. Other companies now make crypto spendable by standing on rails we built.”
This shift significantly broadens the company’s addressable market. Businesses can now invoice customers in cryptocurrency while receiving settlements in local currencies, eliminating concerns around price volatility or technical management of digital assets.
The company also operates an Over-the-Counter (OTC) desk for large-volume crypto transactions and is currently developing stablecoin-backed crypto payment cards that would allow users to spend their crypto just like conventional debit cards.
According to Faturoti, “we’re also working on stablecoin-backed crypto cards, and that’s spendability at its most literal, your crypto working like a normal card, anywhere a card is accepted.”
Such products could further bridge the gap between blockchain assets and mainstream financial services.
A customer-first philosophy shaped Breet’s growth
Unlike many startups that begin with extensive venture capital backing, Breet’s founders chose a more conservative approach. According to Balogun Usman, the company was entirely self-funded from the beginning.
“We put in our own savings, pulled together a small team of five, and built the first version ourselves. No investors, incubator, or safety net.”
Rather than launching numerous features simultaneously, the founders deliberately focused on solving one specific problem exceptionally well, automating crypto-to-cash conversion.
Usman explained that this lean strategy helped validate market demand before expanding into additional products.
“We built it the disciplined way, on purpose. Rather than launch a bloated product trying to do everything, we started deliberately lean, automated crypto-to-cash, three coins, one job done extremely well.”
That disciplined product philosophy remains central to Breet’s operations today. According to the founders, every additional feature has been introduced only after the previous one demonstrated measurable value for users.
This measured expansion has arguably contributed to the company’s ability to remain profitable while continuing to broaden its product offerings.
Growth milestones and expansion plans across Africa
Five years after launch, Breet says its growth has accelerated significantly.
According to Usman, the platform has processed more than US$1 billion in transaction volume and completed over five million transactions while approaching half a million users across Nigeria and Ghana.
He added that the business has recorded approximately 300 per cent growth during the past two years. Beyond user growth, the company is also preparing for geographical expansion.
Head of Operations Aishat Sulyman said Breet currently accepts cryptocurrency transfers globally while settling fiat payouts into bank accounts in Nigeria and Ghana.
Future expansion plans include Kenya, Tanzania, Zambia, and eventually Canada, where the company is processing a Money Service Business licence.
Sulyman explained the company’s expansion philosophy through an oil exploration analogy.
“We think about it like digging for oil, you dig deep and pull out the bulk of what’s there before you move to the next spot.”
Rather than expanding indiscriminately, Breet intends to prioritise markets with favourable cryptocurrency regulations and strong user demand, while postponing entry into more complex markets where regulatory or language barriers could slow growth.
Transparent pricing and making crypto less intimidating
Another notable shift in Breet’s business model has been its move away from earning revenue through hidden exchange rate spreads.
Initially, the company generated income by offering users slightly less favourable conversion rates. However, management concluded that the model conflicted with customer interests.
Usman explained, “we realised the spread was actually bad for our users, because it forced us to offer worse rates just to keep the business healthy.”
As a result, Breet transitioned to a transparent fee-based pricing model.
According to the company, this allows it to provide more competitive exchange rates while clearly communicating service charges to customers.
Alongside pricing transparency, Breet is also attempting to reshape how people perceive cryptocurrency itself.
Faturoti argued that the crypto industry has unnecessarily intimidated ordinary users by making blockchain appear overly technical.
“Crypto has spent a decade convincing everyone it’s complicated, technical, and boring.”
He believes widespread adoption will only happen when users can receive, spend, and settle digital assets without needing to understand the underlying technology.
That customer-centric philosophy continues to shape Breet’s product development as it works toward making cryptocurrency function less like a specialist financial instrument and more like everyday money for individuals and businesses alike.
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