Nigerian Fintech Company Thepeer Shuts Down Three Years After Raising $2.1 Million
Thepeer, a Nigerian fintech company has shut down operations, Three years after raising nearly $2.5 million from angel investors, institutional investors, and fellow startups such as Ezra Olubi, Byld Ventures, and Stitch.
The startup disclosed that the shutdown was necessitated following compliance issues and the slow adoption of wallets as a payment method.
It wrote in the website,
“Our unique service had its challenges, the first being compliance issues that hindered us from launching key wallet providers or maintaining their services. Additionally, the overall acceptance of wallets as a viable payment option didn’t grow as rapidly as we had hoped, this meant we had to spend a lot of time and resources educating people about what we do”.
Utilizing its APIs, Thepeer facilitated an alternative network allowing fintechs and businesses to seamlessly integrate various products into their applications and websites, streamlining money movement for their customers. Its goal was to establish connections between wallets across more than 400 fintech companies across the continent, facilitating efficient payments.
Launched in April 2021 by Co-founders Kosisochukwu and Chike Ononye and Michael “Trojan” Okoh, created an easy-to-integrate infrastructure for businesses that seek faster and more reliable payment experiences for themselves and their customers. The startup provided channels for businesses to allow their customers to make transfers, fund their accounts, and make payments on the same platform without any hidden fees.
The business hoped to power infrastructure for mainly Fintech businesses, from small to medium-sized.
