Technology

Japanese investor backs away from Ndichu twins after assault claims

Brothers Eddie and Paul Ndichu

Brothers Eddie and Paul Ndichu. FILE PHOTO | NMG

Summary

  • The firm announced Tuesday that it was cutting ties with Wapi Pay following a video that emerged online in which the brother appeared to be assaulting a woman at Ole Sereni Hotel.
  • The brothers are accused of assaulting a woman and vandalising the side mirror of a vehicle during the drama.
  • The twin however denied the assault claims in a statement released Tuesday.

Kenyan techies Eddie Ndichu and his twin brother Paul Ndichu are in the eye of a storm after Japanese venture capital firm Kepple Africa Ventures backed away following an altercation with a woman at a city hotel over the weekend.

The firm announced Tuesday that it was cutting ties with Wapi Pay following a video that emerged online in which the brother appeared to be assaulting a woman at Ole Sereni Hotel.

“We will relinquish all the rights of our investment stake in Wapi Pay,” General Partner Satoshi Shinad said in a tweet.

The brothers are accused of assaulting a woman and vandalising the side mirror of a vehicle during the drama.

The twin however denied the assault claims in a statement released Tuesday.

The brothers allege that they were breaking up a fight.

“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,” Wapi Pay said in the statement.

“We found the story distasteful and troubling and want to firmly state that any type of behaviour involving violence against women does not reflect our values nor does it reflect those of Eddie and Paul.”

The value of Kepple Africa Ventures’ investment in the twins' company is not clear, but the firm is one of Wapi Pay's key backers.

Others are EchoVC and China-based global fund MSA Capital, as well as other angel investors.

In August this year, Wapi Pay, which also has operations in Singapore, raised $2.2 million (about Sh250 million) pre-seed funding round from investors to help it engage regulators in seeking licencing across Africa and drive the firm's expansion.

Wapi Pay which has offices in Nairobi, Singapore and Tianjin (China), delivers platform-to-platform integrations, global accounts and virtual wallets to enable convenient payments.