Techstars-backed fintech startup Glade has experienced an internal breach resulting in the loss of $214,000. The breach involved hackers gaining access to the company's backend infrastructure and stealing the funds. Glade's CEO, Liyi Victor, confirmed the breach but did not disclose the exact amount lost. The incident has been reported to law enforcement agencies. This breach adds to a string of hacking incidents affecting Nigerian financial service providers, including crypto startup Patricia, Nigerian bank Globus, MTN's MoMo, and Flutterwave.

Glade, which participated in the Techstars Toronto spring program in 2022 and raised $435,000 on demo day, had kept Techstars unaware of the breach. Sources suggest that the breach occurred in 2022 and involved a former employee who is now on the run. Additionally, Glade's co-founder, Temitope Hundeyin, left the company, citing being sidelined in its operations.

There is disagreement between Hundeyin and Liyi regarding her departure and the level of decision-making authority at Glade. Hundeyin claims she was marginalized and Liyi controlled the company single-handedly, while Liyi asserts that Hundeyin was let go to streamline operations and emphasizes the involvement of a management team and independent advisors. However, five sources who have worked with Glade support Hundeyin's perspective, alleging that Liyi has full control and occasionally conflicts with investors.

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