Another Nigerian Startup, Theeper Shuts Down After Getting $2.1 Million From Investors

Theeper, a Nigerian fintech startup, has announced that it is shutting its operations.

The announcement came almost two years after it raised $2.1 million in a Seed round.

The startup said that it faces challenges associated with compliance issues that hindered it from execution.

Nigerian fintech startup Theeper is shutting its operations nearly two years after raising $2.1 million in a Seed round.

In a statement on its website, the founders cited compliance issues that hindered it from launching key wallet providers. Chike Ononye (CEO) and Michael Okoh (CTO) also blamed the slow acceptance of wallets as a viable payment option, hence, causing the diversifying resources into enlightenment.

They said: “Faced with these challenges, we needed to make a key decision either to do a hard pivot, an M&A or return capital to investors. After carefully weighing our options, we decided that returning the remaining capital to investors was the best decision. “We could not align our product with the market’s needs at our current size and scale.

What does this mean for our customers? Thepeer will be placed on maintenance mode for the interim. We’ll work to maintain the platform for as long as possible until we discover a new home for it.” The Nigerian tech infrastructure startup that facilitates easy money transfers between companies raised a $2.1 million seed round in 2021, according to TechCabal.

This round of funding came less than a year after it raised a $220,000 pre-seed round from angel investors, including Paystack’s co-founder and CTO, Ezra Olubi, and Edenlife’s co-founder and CTO, Prosper Otemuyiwa.

Thepeer is an API-based startup that helps its clients—mostly fintechs and small- to medium-sized companies—to enable their own clients to fund their accounts from other companies, transfer money across their various wallets, and easily pay for goods from their wallets.

Source: legit.ng

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