Thepeer, a Nigeria-based API startup that raised a $2.1 million seed round in June 2022, has shuttered its business.
TECHCABAL
Thepeer, a Nigeria-based API startup that raised a $2.1 million seed round in June 2022, has shuttered its business and will return its remaining capital to investors after failing to scale, the company said in a statement on Monday.
The three-year-old startup said it closed shop after realising its exceptional technology alone wasn’t sufficient. “Our unique service had its challenges, the first being compliance issues. Additionally, the overall acceptance of wallets as a viable payment option didn’t grow as rapidly as we had hoped,” it said.
Thepeer used its APIs to provide an alternative network where fintechs and businesses can embed different sets of products into their applications and websites for easy money movement by their customers. It hoped to connect wallets across over 400 fintechs across the continent to enable payments.
Thepeer is the second startup to return remaining capital to investors in 2024 after Cova, a wealthtech startup, closed down in like manner, demonstrating the challenges in building fintech businesses on the continent.
