Nigerian Fintech startup, Chimoney, shuts down after raising $1 million from investors citing a lack of capital to sustain operations, flat revenue and no path to additional capital.
In a May 1 email seen by TechCabal, the Canada-based startup told customers it had stopped processing new transactions and integrations and had begun refunding customer balances.
“As of May 1, 2026, Chimoney has ceased all new transactions and integrations,” the email read. “No balance on file: No action needed on your end. This is our final operational email.”
Businesses that relied on Chimoney’s payment rails will now have to find alternatives, exposing the fragility of building on startup infrastructure: when the provider goes down, so does the payment rail.
The startup founded by Uchi Uchibeke (Uchi Nick Uchibeke) attached below built payment infrastructure that allowed businesses to send money to freelancers, contractors, and vendors across Africa, North America, and Latin America using a single API.
The platform supported payouts in 41 currencies through bank transfers,
mobile money, airtime,
gift cards, and stablecoin off-ramps.
