Exclusive: Thepeer returns $357,000 as investors move on from demands for an audit
- Thepeer shut down in April 2024 and returned $357,960 to investors in June.
- The startup raised $2.1 million in a June 2022 seed round but had only $450,000 left when it shut down.
- The founders decided against using investor funds for a pivot despite exploring multiple verticals.
The closure of Thepeer highlights the critical importance of achieving product-market fit in the fintech space, especially in a competitive environment like Nigeria's payments market. The challenges faced by Thepeer serve as a cautionary tale for startups that may underestimate the complexities of customer behavior and regulatory compliance. Future discussions should focus on how fintech startups can better navigate these challenges to avoid similar fates.
