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    Thursday, February 15, 2024

    Ex-Flutterwave VP Starts Mira, Focuses on Hospitality Firms

    Flutterwave’s former VP of design and innovation Ted Oladele has launched Mira which seeks to reduce the long wait faced by food buyers by utilizing scan codes for payment.

    Mira, a fintech startup founded by Ted Oladele, Former VP of Design and Innovation at Flutterwave, is on a mission to streamline the meal ordering and payment process. Mira’s QR code payment system enables customers to instantly pay for their meals, scan a QR code, view their personalized bill, and make immediate payments through bank transfer, Apple Pay, or card.

    First launched in 2022, Mira was born out of Oladele’s dissatisfaction with the traditional restaurant ordering process. He dreamed of a holistic point-of-sale solution capable of enhancing the dining experience for both restaurant and customer. Mira’s platform allows users to peruse digital menus, place orders, and even divide the bill, all via their smartphones.

    The startup boasts connections with over 100 restaurants in Lagos on its platform, and charges an annual subscription fee of ₦15,000, in addition to a 2% fee per order processed. Mira raised $200,000 in a friends and family funding round and has processed approximately $60,000 to date.

    Mira’s platform also benefits online sellers by offering a link for customers to place orders directly from Instagram or WhatsApp, thereby bypassing the fees charged by third-party food delivery applications.

    Navigating a market saturated with big names like Paystack and Flutterwave, Mira’s success hinges on its distinctiveness and clear value proposition. Though competitively priced, scaling the model requires a strategic balance to maintain affordability while ensuring profitability. As part of their aggressive expansion strategy, Mira is determined to partner with all key restaurants across Lagos.

    Mira’s system not only allows businesses to boost their profit margins but also features a payment tracking mechanism that aids businesses in reconciling their accounts, according to Oladele.

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