Exclusive: Woven Finance, a fintech startup backed by Coronation Group, is shutting down
- Woven Finance is discontinuing its service and transferring it to Hydrogen, a fintech company owned by Access Bank.
- The decision may be a response to increasing competition from established fintechs like Squad and Hydrogen.
- Kemi Okusanya, a former General Manager at Visa West Africa, leads Hydrogen.
The discontinuation of Woven Finance's services may be a result of intense competition in the fintech industry. The decision to transfer services to Hydrogen, a company owned by Access Bank, shows the need for strategic partnerships to stay competitive. It will be interesting to see how Access Bank, with the leadership of Kemi Okusanya, navigates the market and competes with other fintech players.
