Why growth can become a security risk for fintechs

As fintechs scale across markets and customers, they don’t just gain traction; they expose themselves to new threats, from fraud to insider risk.

In Africa, the founder who doesn’t care about growth and expansion is the real unicorn — rare and almost impossible to find. Operations across multiple countries, growing headcount, and an expanded product suite are bragging rights most founders aim for.

But in many cases, the growth that founders desire also carries within it the seeds of a startup’s challenges, according to Olaoluwa Eweje, Chief Information Security Officer at Kora.

When conversations about growth and expansion are had, the focus is frequently on the opportunities they present: an ability to hedge performance and revenue, protect against macroeconomic shocks, capture a larger market share, grow revenue, and pursue other lofty ideals.

Even when challenges are recognised, the focus tends to be on regulatory risks and differences in markets. But Eweje argues that expansion also comes with a security risk that many startups fail to consider until it is too late.

Growth puts a target on your back

In Nobody, Nigerian musician Tuface Idibia sings, “If nobody talk about you, then you are nobody.” That holds as much truth in social relations as it does in cybersecurity. Inasmuch as growth is desired and expected, it puts a target on your back.

Small businesses hold minimal interest for cybercriminals because attacking them may not yield significant results. But as you grow, that changes. Visibility becomes a signal not just to customers and investors but also to bad actors scanning for opportunity.

When Kora begins planning to expand into new markets, Eweje shares that the team also remains alert to new threats that arise.

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