Joe Kinvi’s story is one of audacity. Born in Togo and raised in Ireland, he charted an unconventional path from finance to technology, ultimately building a venture that could redefine Africa’s economic landscape. His latest undertaking, Borderless, is a bold attempt to transform the continent’s diaspora into a formidable financial force.
Joe, forged in the crucible of Dublin’s tech scene, is betting on a radical proposition: that Africa’s future lies not in aid, but in the hands of its diaspora.
“My parents’ hard work getting me to Ireland was pivotal,” Joe recalls, with a blend of gratitude and steely determination. “It gave me access to lots of opportunities.”
At 15, armed with rudimentary English, he defied expectations, “I ran away from the first school they put me in,” he admits, a testament to his early, instinctive drive. He then, managed to convince one of the teachers at another school to take him into the school, a crucial moment that would set his trajectory. Despite this, he graduated at the top of his class and pursued a degree in Accounting and Finance.
In 2011 a stint at Ernst & Young followed, where he qualified as an accountant, but auditing failed to ignite his passion. Tech called, but he lacked technical expertise. “I knew nothing about auditing when I left university,” he states, yet he mastered the craft, “I learned and became what I believe was a decent auditor.” But the soul of a builder yearned for more.
“I abruptly quit my internal audit job to pursue a career in tech,” he recalls. He cycled through startups in Dublin, even attempting to build his own venture—an effort he admits “failed dramatically.” But perseverance paid off. He joined Touchtech Payments as head of finance, staying through its acquisition by Stripe in 2019. Three years later, he took a secondment at Paystack, Stripe’s African subsidiary, where his focus shifted to the continent’s financial infrastructure.
“Many people know me for working at Stripe but don’t know how I got there,” Joe remarks, a subtle nod to the unseen trials that shaped him.
The Diaspora’s Untapped Potential: A Vision for Borderless
His experiences culminated in Borderless, a venture established in 2023, designed to harness the African diaspora’s economic power. “The solution I’m building is this: let’s move past what hasn’t worked and focus on the people who care about the continent—the diaspora,” he explains.
His vision is to transform consumption remittances into capital remittances, bridging Africa’s $400 billion funding gap. “We are building Borderless as a broker of trust,” he explains, emphasizing that “technology isn’t the solution – it’s just an enabler.”
“When you look at Africa as a continent, many African countries gained independence in the 50s and 60s, yet most haven’t succeeded,” Joe observes with resolve. “Somehow Africa has remained stagnant.” He points to the stark reality of the “brain drain,” the exodus of talent seeking opportunities abroad. Yet, he sees a silver lining: “The African diaspora sent over a hundred billion dollars to Africa in 2023.”
Africa’s financial plight is well-documented. Despite vast natural resources, economic stagnation persists. “Looking at the history, significant capital has flowed into Africa—a lot in the form of aid. Yet the continent has stayed behind.” The real financiers of Africa, he argues, are not governments or NGOs but its emigrants. Joe sees an opportunity to shift this to investment. His strategy is to leverage the power of communities, organizing the diaspora and facilitating collective investments.
Borderless seeks to reframe remittances as capital flows, funneling money into startups, real estate, and debt projects rather than basic sustenance. “What we’re doing differently is leveraging the power of communities and collective investments,” he says.
“Africa has a $400 billion funding gap. If the 41 million Africans in the diaspora each invested just $1,000 a year, that’s $41 billion—we could close the gap in ten years. It’s possible,” Joe says.
The Challenge of Scale
Africa presents an intricate regulatory maze. “Africa has 33 currencies, 54 different regulatory environments, different payment rails, and a ton of diverse cultures,” Joe notes. Expansion is more challenging within Africa than across continents.
“You’d be surprised to learn that it’s often much easier for a company to expand from Nigeria to the US than from Nigeria to Ghana.”
Yet, he sees immense opportunity. “I’ve already seen many African businesses building for the global market,” he states, citing Paystack’s expansion as a testament to this potential. “If a company like Paystack can expand from Nigeria to Ghana to Kenya to Rwanda to South Africa – all very different regions – it becomes much easier to expand to the UK, the US, or Europe.”
Despite this, fintechs have found ways to navigate the hurdles. “Recently, ‘passporting’ has been happening between Ghana and Rwanda. Passporting means if you have a license in one country, you can use it in another country. This is going to be transformational,” Joe reveals.
“When you look at fintechs on the continent, very few can afford the time and resources to secure regulatory approval in every country, as each country has its own regulatory environment. What you see many tech companies do is essentially piggyback on existing providers’ licenses, because it helps them move faster. That’s what I’d recommend to as many fintech startups as possible,” he asserts.
Borderless: A BlackRock for the African Diaspora
Joe envisions Borderless as “the biggest asset manager for the African diaspora.” He is under no illusions about the difficulty. “Before we get there, we need to first organise. How do you organise the diaspora? How do you enable them to do things together? How do you enable them to invest in a bunch of assets?” he asks, his ambition echoing the scale of his vision.
Borderless is not simply a company—it aims to be an infrastructure layer. “We’ll start by providing rails: financial, compliance, and communication rails. We are less focused on building a company and more focused on building infrastructure,” Joe reveals.
His model? He draws a powerful analogy: “The best example I can think of is BlackRock. We are building Blackrock for the African diaspora.”
The African Founder Dilemma
Joe’s experience underscores the inequities in global venture capital. “Sadly, American founders can pitch vision, while African founders must pitch traction.” His advice to fellow entrepreneurs is pragmatic.
“Gain as much traction as quickly as possible and demonstrate that their idea can become a reality. Don’t wait for funding before you start building. Get something out there – even if it’s imperfect – and keep moving forward. You’d be surprised how many people are actually watching and paying attention to what you’re doing. Traction really helps.”
The key, he argues, is self-sustaining growth. “The cheapest way to access funding is through your customers. VC or external money is good, but it’s very expensive. When customers pay you, you don’t have to repay them.” He underscores the importance of customer validation.
Despite his impressive track record, Joe remains grounded. “I don’t consider myself successful because I’m just getting started on this journey,” he says, with disarming humility. “Working at Stripe for so long was like a masterclass in entrepreneurship. I also got to see the likes of Shola from Paystack in action. I’ve learned from these people, and I’m always learning.”
The Road Ahead
His ambitions extend beyond Borderless. “I think fintech in Africa needs to come together and unify. We need to reach a stage where we can move money seamlessly across Africa without always converting to the dollar.” While political unification is improbable, financial integration remains within reach. “What we can unify, however, is the payment rails we have across Africa.”
Joe’s entrepreneurial philosophy is logical he acknowledges the inevitable imperfections of early ventures. “Accept that the first product you build will be crap—but you’re never going to get to a great product without first building that imperfect one.” His final words are a call to action: “Just get started. The sooner you get started, the better. Life doesn’t stop moving forward.”
Joe Kinvi’s story is not just about building a company; it’s about building a bridge, a conduit for capital and trust, a testament to the transformative power of diaspora investment. His audacious bet on Africa’s future is a narrative that resonates far beyond the confines of a tech startup, a story that could redefine the very landscape of African development.
