Paul Ndichu and Eddie Ndichu aka the Ndichu twins, who are the co-founders of Kenyan-based fintech Wapi Pay; have been reportedly caught on camera assaulting two women at a Nairobi Hotel-Ole Sereni.
The now-viral video which was shared by activist Boniface Mwangi on his Twitter handle hit social media on Monday, October 18th, 2021.
Mwangi who received a Direct Message from the women tweeted what happened as narrated by them. He wrote: “Yesterday my sister and I were attacked by the Ndichu twins for respectfully turning them down. They threatened to shoot us and ruin our lives. My sister was strangled by Paul Ndichu while her boyfriend who had come to her rescue was being strangled by Eddie.”
Responding to the alleged assault in a press statement, Wapi Pay which recently raised $2.2 Million in pre-seed funding, said they are aware of the video and that it does not reflect what really happened.
“We are aware of the video circulating on social media regarding the altercation with Eddie and Paul Ndichu, the Company’s co-founders at a Nairobi hotel on Saturday night.
“The allegations and video currently being shared on social media albeit horrific and regrettable, do not depict the true events that transpired that night. To be clear, Paul and Eddie got involved in an attempt to neutralise a confrontation between two women and to defend themselves from certain aggressors.”
While the co-founders of Wapi Pay expressed their deepest regrets for the incident that occurred, the statement said “the matter has been reported to the police and DCI for further investigation and resolution. Pending this, we request restraint be exercised in potentially and unfairly spreading misinformation that has no factual basis.
“At the moment, we cannot comment further on the matter as it is being handled by the appropriate authorities to ensure the truth prevails.”
Unfortunately, the press statement has not calmed some of Wapi Pay’s stakeholders especially its investors. One of its key investors in its recent pre-seed funding Kepple Ventures Africa has severed ties with the Kenyan fintech. This was disclosed by Takahiro Kanzaki, founder of Kepple Group and general partner at Kepple Africa Ventures.
He wrote: “In light of the alleged assault on women by the founders of our portfolio company Wapi Pay, we Kepple Africa Ventures hereby announce that we have zero tolerance on such conduct and announce that we will relinquish all the rights of our investment stake in Wapi Pay.”
It remains to be seen if other investors will follow the same route as Kepple Ventures Africa. Regardless of whatever happens, this crisis has dented the image of Wapi Pay and its co-founders.
Founded in 2019 in Singapore, Wapi Pay is a Kenyan-based fintech, which delivers global financial services infrastructure and products through its technology to offer its partners, customers, merchants, and businesses convenience.
