Nigerian fintech, Thepeer shuts down
- Thepeer, a Nigeria-based API startup, has closed down and will return remaining capital to investors.
- Compliance issues and slow growth in wallet acceptance were cited as reasons for the company's failure to scale.
- Thepeer aimed to connect wallets across over 400 fintechs in Africa and had raised $2.1 million in seed funding.
The closure of Thepeer highlights the challenges faced by fintech businesses in Africa. Compliance issues and slow market adoption were significant obstacles for the startup. This case serves as a valuable lesson for other companies in the industry to carefully consider regulatory requirements and market demand before scaling.
