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Thepeer, Nigerian startup Shuts down operations

Hauwa Ali by Hauwa Ali
April 4, 2024
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In an unexpected development, Thepeer, a Nigerian fintech startup, has ceased operations. The closure comes after a promising seed funding round and a vision to transform the financial technology landscape in Africa. 

Launched in 2021 by Kosisochukwu Chike Ononye and Michael “Trojan” Okoh, Thepeer aimed to facilitate seamless financial transactions across the continent. Despite securing a $2.1 million seed round and early endorsements from industry heavyweights, the startup faced insurmountable challenges.

Following its decision to shut down, Thepeer joins a small but growing list of startups that have chosen to return the remaining capital to investors. This move reflects the difficulties of establishing a lasting fintech business in the African market.

Read also: Nigerian API-based Startup, Thepeer Raises $2.1M Seed Led by Raba Partnership

Challenges in Scaling

Thepeer’s innovative technology, which provided an API network for fintechs and businesses, encountered significant hurdles. Compliance issues and a lack of widespread acceptance for wallet-based payments proved to be major obstacles, hindering the company’s growth and scalability.

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Thepeer closure sparks concerns among investors

Nigerian API-based Startup, Thepeer Raises $2.1M Seed Led by Raba Partnership

Thepeer, the Nigerian fintech startup, faced compliance issues that were a significant factor in its decision to shut down. The company operated in a regulatory grey area, and despite efforts to acquire licences, it struggled with the following specific compliance challenges:

Regulatory Hurdles: Thepeer’s API-based payment layer was designed to facilitate money movement natively within wallets and apps across fintech platforms. However, this innovative service encountered regulatory challenges that hindered the launch and maintenance of key wallet providers.

Partnership for Compliance: To address these compliance issues, Thepeer partnered with Flutterwave, a financial partner, in 2021. This move was aimed at navigating the complex regulatory landscape and maintaining their services.

Market Acceptance: Alongside compliance, the overall acceptance of wallets as a viable payment option did not grow as rapidly as anticipated. This slow growth meant that Thepeer had to invest considerable time and resources in educating people about their services.

These compliance issues, combined with market acceptance challenges, ultimately led to Thepeer’s decision to return the remaining capital to investors and enter maintenance mode while seeking a new direction for their product.

Looking Ahead

Thepeer’s founders have placed the product in maintenance mode while exploring future possibilities. The company’s technology remains in search of a new home, with the founders committed to preserving the platform for as long as possible.

Implications for African Fintech

Thepeer’s shutdown is a stark reminder of the challenges faced by fintech startups in Africa. It underscores the need for market alignment and regulatory compliance. Despite this setback, the African fintech sector continues to offer vast opportunities for innovation and growth.

Examples of successful fintech startups that have excelled 

Several fintech startups have excelled in compliance, setting industry standards for regulatory adherence. Here are a few examples:

Read also: How Africa is Regulating Fintech Companies

Stripe: Known for its online payment processing, Stripe has a robust compliance program that includes anti-money laundering (AML) checks and continuous monitoring of transactions.

Square: Now known as Block, Square has successfully navigated complex financial regulations by implementing comprehensive compliance measures, particularly in the areas of payment processing and small business financing.

Adyen: This global payment company has a strong track record of compliance, offering secure payment solutions across various markets while adhering to local and international regulations.

Revolut: As a digital banking alternative, Revolut has emphasized regulatory compliance as a core aspect of its business, obtaining banking licenses in multiple jurisdictions.

These companies demonstrate that a strong focus on compliance can be a significant factor in the success and scalability of fintech startups.

Tags: Thepeer
Hauwa Ali

Hauwa Ali

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