Middleman, headquartered in Lekki, Lagos, is a startup transforming e-commerce for African businesses by addressing trust and logistical challenges associated with trading in China.
Launched in 2023 by co-founders Omolara Sanni and Adeola Owosho, the startup provides essential tools for seamless transactions, including payments, logistics, and escrow services.
Omolara and Adeola’s journey began at the Federal University of Technology, Akure (FUTA), where they met in 2018. They both ventured into e-commerce together in 2019, sourcing products from China and selling them in Nigeria.
Their experiences exposed significant challenges in trust and logistics, inspiring them to create Middleman as a solution.
What Middleman Offers
- Payments, and Trust Solutions: Middleman enables businesses to send payments in Yuan (CNY/RMB) to Chinese suppliers securely.
- Logistics Made Easy: The platform features access to over 40 logistics providers in Nigeria, allowing users to compare delivery rates and timelines, then book deliveries efficiently. Middleman is designed to make supply chain management as seamless as possible.
- Building Confidence with Escrow Services: The escrow feature also caters to local buyers wary of direct payments. Customers can deposit funds into Middleman’s wallet, ensuring secure transactions until goods are received, reducing the risk of fraud for all parties involved.
How Middleman Stands Out from Freightos
Middleman shares similarities with global platforms like Freightos, which simplifies international trade by offering logistics comparisons, real-time shipping rates, and secure online payments.
However, Middleman differentiates itself with its tailored approach to the African market.
While Freightos focuses broadly on global logistics, Middleman hones in on solving challenges specific to African businesses trading with China.
Use-cases for Middleman
- Middleman supports seamless currency conversions to Yuan (CNY), eliminating common barriers in international transactions for African businesses. Unlike Freightos, Middleman bridges trust gaps by ensuring funds are securely held until goods are received and verified, fostering confidence in trade relationships.
- Middleman not only compares rates but also integrates multiple Nigerian logistics providers to enhance domestic delivery, ensuring a smooth end-to-end supply chain.
- This targeted focus on Africa-to-China trade relationships makes Middleman a standout solution for businesses on the continent.
Meet the founders of Middleman
- Omolara Sanni: With over four years of experience in product marketing across social commerce, cleantech, and fintech, Omolara brings extensive expertise in strategic marketing. She holds an HND in Electrical and Electronics Engineering and previously served as Product Marketing Manager at Incash and Digital Marketing Manager for Steer for Change.
- Adeola Owosho: Adeola specializes in growth strategy, leveraging five years of experience across fintech, proptech, and edtech sectors. Previously, he held roles such as VP of Growth at Utiva and Head of Growth at Fluidcoins. A FUTA Biochemistry graduate, Adeola also holds a certification in Product Analytics from Product School.
Milestones and the Future for Middleman
Middleman has achieved remarkable success since its inception:
- Pitch Competitions: Winner of the 2024 PitchHer Prize (₦4 million) and 1st place at the Innovation Support Network Hubs Annual Gathering Deal Room Pitch.
- Transaction Volume: Facilitated transactions worth approximately ₦1 billion.
- Team Growth: Expanded to about 12-member team within a year.
- Future Offerings: Currently developing “HAUL,” a logistics product, and exploring credit services to support businesses. Plans are also underway to launch the Middleman Commerce Academy to address knowledge gaps for SMEs.
Commentary
- Middleman is proving to be more than a startup. As a new player with a young team, we can only look forward to how well it will push through as a solution-driven brand simplifying cross-border trade.
- The founders have a lot of work to do in ensuring the adequately combine technology, trust, and efficiency in their vision to set a new standard for African traders doing business with Chinese suppliers.
