Fintech Shutdown: Woven Finance Ceases Operations, Transfers Services to Access Bank Hydrogen
In a shocking move, Nigerian fintech startup backed by Coronation Group, Woven Finance has announced the shut down of operations, citing market dynamics.
This is coming barely a year after the company was granted a license by the Central Bank of Nigeria (CBN).
Announcing the shutdown, the company wrote in an email to customers,
“After a thorough analysis of the current market dynamics and their impact on our business model, Woven Finance has resolved to cease its payment services operations in the first quarter of 2024,”
Following its shutdown, the company disclosed that it will transfer its services to Hydrogen, a fintech company owned and run by Access Bank, with hopes to compete in the dynamic fintech market.
Founded in 2020, Woven Finance is an online payment service provider that facilitates the electronic circulation of money between individuals and organizations.
The startup simplifies day-to-day business transactions, making digital payments and reconciliations super easy for your business.
Through its innovative digital solutions, it empowered businesses to accept secure and efficient payments at scale. Additionally, its outbound payments service simplified fund transfers and bulk payments.
The fintech positioned itself as a solution for everyday business difficulties like reconciliation and settlements by providing business owners with a virtual account to receive payments.
