The implications of this incident are bad for the affected startups, and has also put a dent on Mercury’s reputation on the continent. Many African founders and ecosystem players have come out to suggest a boycott and others have suggested a home-built alternative that only either serves African founders or black owned businesses.
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Mercury, a San Francisco-based digital bank for startups, blocked African founders' accounts without prior communication
“There’s no concrete reason why we’re blocked. The last payment we made via the account was our Delaware Franchise Tax and we did that last week.”
