The news
- Nigerian crypto payments startup, Lazerpay, has shut down.
- Founder and CEO, Emmanuel Njoku, said the decision was made after the company was unable to raise funds.
- The startup advises merchants to withdraw funds before April 30, 2023.
After announcing layoffs in November 2022, Nigerian crypto payments startup Lazerpay has shut down.
According to Founder and CEO, Emmanuel Njoku, the decision to shut down the startup was necessary after the company was unable to raise funds.
Njoku announced in a tweet on Thursday, April 13, 2023, that "today, we announce the difficult decision to cease operations at Lazerpay. Despite our team's tireless efforts to secure the necessary funding to keep Lazerpay going, we were unable to close a successful fundraising round. We fought hard to keep the lights on as long as possible, but unfortunately, we are now at a point where we need to shut down."
Njoku launched Lazerpay as a teenager in 2021 to drive crypto adoption globally. The company helps businesses accept stablecoin payments from customers globally.
According to Njoku, Lazerpay has onboarded over 3000 businesses and has done over $1 million in transactions so far.
The startup said it will now focus on helping users transition smoothly by making sure outstanding matters are resolved. It is advising merchants to withdraw their funds from the platform before April 30, 2023, using the bank or crypto payout option."
Offer to purchase the startup is now open to companies interested in purchasing its IP.
