Paul Ayuk is the Co-Founder and CEO of Bunce, bringing a wealth of experience from his background in software engineering. Prior to launching Bunce, Paul worked with a diverse range of companies both locally and internationally. In Nigeria, he contributed to firms like Seamless HR, CredPal, and AimGroup. His international experience includes a notable role with DeboerTools in Canada and Pfizer in the USA.
Paul is also a two-time founder of startups, with both previous ventures providing invaluable lessons that paved the way for his current success with Bunce. Beyond his professional accomplishments, Paul is an avid adventurer with a deep passion for travel, which continuously inspires his work and life.
In this exclusive conversation, he explains the complexities of building a startup in Nigeria. He shares the challenges he’s faced, the strategic decisions, and innovative approaches that have enabled him to steer Bunce through these obstacles.
Can we get to know you?
Hello! My name is Paul Ayuk, and I am the Co-Founder and CEO of Bunce. Before launching Bunce, I built a solid foundation in software engineering, working with various companies both locally and internationally. In Nigeria, I’ve contributed to companies like Seamless HR, CredPal, and AimGroup, among others. Internationally, I’ve had the opportunity to work with DeboerTools in Canada and Pfizer in the USA.
I’ve also been a two-time founder of previous startups, although neither venture ultimately succeeded. Despite this, the experience gained has been invaluable and has played a crucial role in shaping my journey to Bunce. On a personal note, I am an avid adventurer and have a deep passion for travel.
Can you tell us about your product and how the idea started?
Bunce is a customer engagement platform designed to send targeted messages through email, SMS, WhatsApp, and more. What sets us apart is our data-driven approach: instead of sending generic bulk messages, we trigger communications based on user actions, history, and events. This ensures users receive relevant messages at the right time, enhancing their experience and increasing brand connection, retention, and revenue for companies.
Founded in 2021 by myself and my co-founders Justus and Damilola, Bunce emerged from our experience at CredPal, where we faced challenges in loan repayment collections. We realized that timely, targeted messaging could address issues like expired cards and insufficient funds. By sending proactive notifications and offering alternative payment options, we improved repayment rates and drastically reduced support calls.
Our initial solution evolved from failed payment recovery to a comprehensive customer engagement platform. We now address the entire customer journey—from acquisition to retention—ensuring businesses can effectively manage and engage their customers throughout every stage.
Can you tell us about your journey in tech so far?
I started my tech career in 2012 as a self-taught web developer, driven by a passion for coding games and building websites. My professional journey began in 2017 with an internship at Hotels.ng, where I worked on various projects as part of their HNG program. By 2018, I joined Seamless HR, where I gained significant experience building enterprise HR SaaS systems for banks and large companies.
Following Seamless HR, I moved to CredPal as a software engineer and quickly advanced to lead engineer. There, I witnessed the product’s growth from 500 to over 100,000 customers and played a role in its journey from pre-seed to Series A where we raised over $16m. After CredPal, I spent two years working with a major Canadian airline tool manufacturer and then Pfizer, focusing on enterprise-grade software and global health information delivery. These diverse experiences have been instrumental in shaping my career today.
Tea or coffee, how do you like to enjoy it?
I like my coffee black—no fuss, just pure coffee. I also enjoy tea from time to time, especially African tea.
If you were to work with or collaborate with any Nigerian founder right now, who would that be, and why?
If I were to work with or collaborate with any Nigerian founder, it would be Tosin of Moniepoint. Moniepoint’s journey has always impressed me. When they were still known as TeamApt, their hiring process was incredibly stringent, only accepting top-tier talent, including first-class graduates. This commitment to quality was evident in their work and the exceptional standards they set. It’s no surprise they are where they are today.
Seeing Tosin’s evolution from CEO to sales leader, and the company’s remarkable growth—from their beginnings to generating over $150 million in revenue monthly—has been inspiring. The way they have evolved and grown over the years, particularly from 2017-2018 to now, truly reflects the trajectory I aspire to have. Moniepoint’s impressive progress and success make Tosin and his team the ideal choice for any potential collaboration.
What are some of the biggest challenges you faced in the early stages of Bunce, and how did you overcome them?
One of the significant challenges we faced was building trust, particularly regarding data security. To effectively manage and analyze user payment issues on clients’ platforms, we needed integration with their data. As a small startup without an established brand, gaining trust was difficult, even if individuals trusted us personally. The risks associated with data breaches and security were substantial.
To address this, we implemented two key strategies. First, we developed a white-label solution allowing businesses to keep their data in-house while still utilizing our services. Second, we invested heavily in cybersecurity and data privacy, acquiring certifications to bolster our credibility. Over time, these efforts helped us build trust, gain user acceptance, and demonstrate our commitment to security.
What is Bunce’s recent milestone you are really excited about?
Recently, we signed three major enterprise clients within a single quarter. We’re now serving the largest road transport company in West Africa, a prominent microfinance bank, and the biggest creator platform in Africa. This achievement, which allows us to reach over 2 million customers monthly through these clients, is a significant milestone for us.
These successes have been pivotal in boosting our revenue and achieving impressive growth rates. They’ve also greatly contributed to our team’s morale and overall motivation.
If you could learn and master a skill instantly, right now, what would that be?
I’d probably focus on mastering sales and negotiation. My goal would be to master everything related to these and become incredible as it’s now my major role.
What qualities do you look for when building your team at Bunce?
The most crucial quality for me is integrity. When someone is true to their word and consistently honest, it’s easier to understand their skill set and identify areas for growth. Alongside integrity, I look for hunger and passion. I prefer working with individuals who are driven by a mission, rather than just financial gain.
We’re focused on helping our customers build better retention, increase revenue, and engage more effectively. While technical skills are important and can be learned, qualities like integrity, passion, and drive are intrinsic. I also value long-term vision, as entrepreneurial types often move on quickly. For me, integrity, passion, and a commitment to our mission are essential for a successful collaboration.
What are some key lessons you have learned as a founder that you wish you had learned when you started?
Reflecting on my journey, there are several key lessons I’ve learned. First, integrity is crucial in building a team; you must spend significant time ensuring hires are the right fit, both in skills and character. A team is only as strong as its weakest link, so raising the bar with each new hire is essential. Another lesson is to foster an environment that encourages growth and innovation; constraining creativity can stifle progress.
In terms of the market, particularly in Africa, B2B is challenging. Trust issues and preference for foreign vendors complicate things. Businesses often don’t realize they need certain solutions, making it crucial to be strategic and innovative. Pricing models must be tailored to target audiences, as a one-size-fits-all approach can be problematic.
Choosing investors wisely is also important. Beyond providing capital, they should offer support, partnerships, and growth opportunities. Lastly, as a leader, you must set the pace and be the hardest worker, continually growing to lead effectively. These experiences have shaped my approach and understanding of both team building and market strategy.
How do you balance the demands of running a startup and your personal life?
In the first year of my startup, I worked part-time, but when I transitioned to full-time, I committed to a lifestyle where my work would dominate for a few years—maybe 3 or 4. For me, work and personal life blend almost seamlessly; they aren’t separate entities but parts of a whole. I spend around 70-80% of my day focused on work. To manage this, I avoid overcommitting and approach tasks methodically, using checklists to track progress. At the end of the day, seeing those checklists completed gives me a sense of satisfaction.
I also prioritize scheduling to keep things organized. My close friends and family are aware of my commitments and provide a strong support network. Their encouragement helps me maintain balance, even as I focus on my work. While I don’t have a lot of personal activities right now, I manage what I do have and plan to address more personal aspects of my life in the next couple of years.
Where do you see Bunce in the next five years?
In the next five years, we aim to make Bunces a household name. With over 500 million Africans engaging with various digital services and products, a common complaint is irrelevant, untimely messages after they interact with these services and products. The average inbox receives about 50 unwanted messages daily, contributing to a poor experience and unnecessary digital clutter. Our goal is to transform this by ensuring that all messages are relevant, personalized, and useful. We want to enhance user satisfaction by making digital communications more effective, ultimately improving the overall experience with apps and services across the continent.
It’s a pleasure talking to you.
Thank you for having me.
