One of Fintech start-up Wapi Pay’s investors Kepple Africa Ventures has relinquished their investment stake in Wapi Pay as the fallout from Eddie and Paul Ndichu weekend drama intensifies.
In a tweet on Tuesday, Takahiro Kamisaki, Kepple Africa Ventures’ General Partner said the Japanese VC firm has zero tolerance for incidents of assault.
“In light of the alleged assault on women by the founders of our portfolio company Wapi Pay, we Kepple Africa Ventures hereby announce that we have zero tolerance on such conduct and announce that we will relinquish all the rights of our investment stake in Wapi Pay,” Mr Kamisaki tweeted.
Kepple Africa Ventures is one of Wapi Pay’s investors who helped the company raise an impressive Ksh.244 million ($2.2 million).
Wapi Pay, according to the founders, focuses on the Africa-Asia remittance corridor.
Wapi Pay is in China, Singapore, Indonesia, Japan, Thailand, Philippines, Malaysia, India, Taiwan and Vietnam.
It was not clear whether the firm was relinquishing the rights to participate in the funding round or relinquishing the rights to an existing stake in the start-up.
The brothers issued a statement on Tuesday morning, a day after a video appearing to show one of the co-founders in the middle of a scuffle at a city hotel went viral.
The co-founders said they were aware of a story that was in circulation, regarding the altercation but distanced themselves from the allegations of assault, claiming that the video was not a true reflection of the events from the fateful night.
“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 statement issued by Wapi Pay reads.
“Our understanding is that the allegations and video currently being shared on social media, albeit horrific and regrettable, do not depict the true events that transpired that night,”
The two claim on the said night, they were trying to defend themselves from certain aggresors.
“To be clear, Paul and Eddie got involved in an attempt to neutralize a confrontation between two women and to defend themselves from certain aggressors,” the statement explains.
According to the statement by Wapi Pay, the matter has since been reported to the police and the DCI for investigations and action.
“The matter has been reported to the police and DCI for further investigation and resolution. Pending this, we request restraint be exercised in potentially and unfairly spreading misinformation that has no factual basis,” the statement adds.