Breet
| File:Breet Logo.png | |
| Private | |
| ISIN | 🆔 |
| Industry | Financial technology Cryptocurrency |
| Founded 📆 | February 2021 |
| Founders 👔 | Kayode Faturoti Usman Balogun |
Area served 🗺️ | Nigeria and Ghana |
Key people | Kayode Faturoti (co-founder and chief executive officer) Usman Balogun (co-founder and managing director) Vivian Mbene (chief operating officer) |
| Products 📟 | Cryptocurrency conversion, payment and financial services |
| Members | |
Number of employees | |
| 🌐 Website | breet |
| 📇 Address | |
| 📞 telephone | |
Breet is a Nigerian financial technology company that provides cryptocurrency conversion and payment services. Founded in Lagos in February 2021 by Kayode Faturoti and Usman Balogun, the company initially focused on converting cryptocurrency into local currency and later expanded into cryptocurrency purchases, swaps and payment infrastructure for businesses.[1][2]
The company currently operates in Nigeria and Ghana.[3]
History
Breet was founded in February 2021 by Kayode Faturoti and Usman Balogun. The founders initially financed the company with their own savings.[1][3] Their service initially supported Bitcoin, Litecoin and Dogecoin.[1] The company later expanded its support to Ethereum, Tether, USD Coin and 7 other cryptocurrencies.[4]
In January 2025, Vivian Mbene joined Breet as its chief operating officer. Later that year, the company introduced an updated version of its application known as Breet 3.0. The update added business invoicing, bill-payment functionality and additional cryptocurrency swap options.[5][6]
In January 2026, Breet introduced an application programming interface (API) for businesses to receive stablecoin payments and settle transactions in local currency.[7]
Breet also published a report examining peer-to-peer cryptocurrency trading in Nigeria.[8] The report examined issues encountered by users converting cryptocurrency to cash through peer-to-peer transactions and was based on an investigation involving trades conducted across multiple platforms.[9]
In March 2026, Breet introduced direct purchases of the stablecoins USDT and USDC using local currency. [10]
In April 2026, Breet announced a US$10,000 equity-free grant programme for African fintech, cryptocurrency, stablecoin and payments projects.[11][12] The programme awarded two grants of US$5,000 each, with recipients also gaining access to Breet's API infrastructure and opportunities to pitch at the Africa Technology Expo in Lagos.[13] The recipients were RaisED, an education-financing platform, and OWEIBOT, a WhatsApp-based e-commerce tool.[11][14]
In April 2026, Breet completed an assessment against the Payment Card Industry Data Security Standard (PCI DSS) version 4.0.1 in preparation for a cryptocurrency card product. As of August 2026, the card product remained under development and had a waiting list.[15]
Products and services
Breet's principal service allows users to convert supported cryptocurrencies into fiat currency. Users in Nigeria and Ghana can receive the resulting value in naira or cedis respectively, while the platform also supports dollar-denominated balances.[2][16]
The platform supports cryptocurrency purchases and swaps in addition to cryptocurrency-to-fiat conversion. In March 2026, TechCabal reported that users could purchase USDT and USDC directly through the platform using local currency.[10]
Breet provides cryptocurrency invoicing services for businesses. Its invoice system allows a business to specify an amount in local currency while accepting payment in cryptocurrency.[17]
The company's business API provides infrastructure for receiving cryptocurrency payments and converting them into fiat currency. Techpoint Africa reported that the API was introduced to allow Nigerian businesses to receive stablecoin payments without developing their own cryptocurrency payment infrastructure.[7]
Breet also operates an over-the-counter trading service for larger cryptocurrency transactions. Its business services include settlement in local currencies and stablecoins.[18]
Breet initially generated revenue from the spread between cryptocurrency buying and selling rates before moving to a fee-based model, according to its founders.[1]
Regulation and compliance
Breet operates in Nigeria through InBreetic Technologies Limited. The company has stated that InBreetic Technologies Limited is registered with the Nigerian Financial Intelligence Unit and has applied for admission to the Securities and Exchange Commission of Nigeria's Accelerated Regulatory Incubation Program.[3]
The company's Canadian operations are conducted through Wonesupport Inc., which the company states is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a money services business.[3]
Breet has reported the use of security measures including encryption, multi-factor authentication and restricted internal access to user information. The measures form part of the company's stated approach to data protection and security.[19]
The company has also reported compliance with the Payment Card Industry Data Security Standard. Its PCI DSS 4.0.1 assessment was completed in connection with the development of its cryptocurrency card product.[15]
Community initiatives
In January 2025, Breet launched Breet Cares, a corporate social responsibility programme. Its first initiative involved food distribution and educational support at Jumai Nursery and Primary School in Ijora Badia, Lagos, in partnership with the FoodClique Support Initiative.[20]
In April 2026, Breet announced a US$10,000 equity-free grant programme for African fintech and payments projects. The programme awarded two grants of US$5,000 at the Africa Technology Expo in Lagos.[11][12]
The recipients were Great Igbokwe of the TIDE Foundation, for the RaisED education-financing platform, and Faith Daunimigha of OWEIBOT, for a WhatsApp-based commerce product for small businesses.[11][14]
References
- ↑ 1.0 1.1 1.2 1.3 Jackson, Tom (2026-08-04). "How Nigerian startup Breet "makes crypto spendable"". Disrupt Africa. Retrieved 2026-08-28.
- ↑ 2.0 2.1 Ayemoba, Andrea (2026-07-22). "[Interview] Kayode Faturoti, Usman Balogun, Vivian Mbene; leaders of Breet Crypto Platform". Africa Business Communities. Retrieved 2026-08-28.
- ↑ 3.0 3.1 3.2 3.3 Ashiru, Grace (2026-08-15). "How Breet Financed Its First 1,000 Days Without Venture Capital". Tech In Africa. Retrieved 2026-08-28.
- ↑ "Breet: Making Crypto Spendable". App Store. Apple. Retrieved September 16, 2026.
- ↑ Online, Tribune (2026-07-24). "How growing fintechs formalise leadership beyond their founding teams". Tribune Online. Retrieved 2026-08-28.
- ↑ Partner (2025-04-14). "The Breet App 3.0 Upgrade - Crypto That Works for You". TechCabal. Retrieved 2026-08-28.
- ↑ 7.0 7.1 "Breet creates API to allow Nigerian businesses receive stablecoin payments". Techpoint Africa. 2026-01-26. Retrieved 2026-08-28.
- ↑ "After 20k tweets and over 100 trades, here's the truth about P2P crypto trade in Nigeria". Techpoint Africa. 2026-01-05. Retrieved 2026-08-28.
- ↑ Adeleke, Daniel (2025-12-13). "The Common Problems With P2P: Inside Breet's new report on Nigeria's crypto cashout reality". BusinessDay. Retrieved 2026-09-14.
- ↑ 10.0 10.1 Partner (2026-03-03). "Breet launches instant USDT & USDC purchases". TechCabal. Retrieved 2026-08-28.
- ↑ 11.0 11.1 11.2 11.3 "Breet launches $10,000 equity-free grant for African builders ahead of Africa Technology Expo 2026". TechCabal. 2026-04-30. Retrieved 2026-08-28.
- ↑ 12.0 12.1 "Breet launches $10K equity-free grant for African fintech startups". Dealroom. Retrieved 2026-09-14.
- ↑ "Why Breet's $10,000 grant signals a shift in how Africa funds fintech growth". Business Insider Africa. Retrieved 2026-09-14.
- ↑ 14.0 14.1 "Breet launches $10,000 grant for African founders at African Tech Expo". The Condia. Retrieved 2026-09-14.
- ↑ 15.0 15.1 Jackson, Tom (2026-08-11). "As crypto cards expand in Africa, security standards move to the foreground". Disrupt Africa. Retrieved 2026-08-28.
- ↑ "How the crypto-to-cash problem created a new kind of platform in Nigeria". Techpoint Africa. 2026-07-16. Retrieved 2026-08-28.
- ↑ "What is Breet crypto invoice?". Breet Help Center. 2026-07-08. Retrieved 2026-08-28.
- ↑ Ihonde, Abba (2026-07-18). "Crypto-to-local currency infrastructure offers alternative payment route for African businesses". The Guardian Nigeria News - Nigeria and World News. Retrieved 2026-08-28.
- ↑ "Nigeria's data protection rules raise compliance expectations for crypto platforms". THISDAY. Retrieved 2026-08-28.
- ↑ Eribake, Akintayo (2026-07-18). "Nonprofit partnerships expand food, education and health support in Lagos communities". Vanguard News. Retrieved 2026-08-28.
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