Chimoney, a fintech startup founded by Nigerian entrepreneur Uchi Uchibeke, has shut down operations after citing insufficient capital to continue running the business. In a notice sent to customers on May 1, the company confirmed that it had stopped processing new transactions and integrations while beginning the process of refunding customer balances.
According to the company, businesses and users with no remaining balances were informed that no further action would be required from them. Chimoney specialised in cross border payment infrastructure, enabling businesses to pay freelancers, contractors, and vendors across Africa, North America, and Latin America using a single application programming interface. Its services supported payments through bank transfers, mobile money, airtime, gift cards, and stablecoin based payment systems in 41 currencies.
The startup, founded in 2022, gained attention within the African fintech ecosystem for attempting to simplify international payments for businesses operating across multiple regions. In 2023, Chimoney joined the Techstars Toronto accelerator programme, strengthening its visibility among global investors and startup communities. Funding data from Crunchbase reportedly placed the company’s total disclosed investment at about $280,000, although Uchibeke indicated that the actual figure, including grants and undisclosed support, was closer to $1 million.
Industry analysts say the shutdown reflects the growing funding pressures facing startups globally, particularly fintech companies operating in highly competitive cross border payment markets. Experts also note that the closure highlights the risks businesses face when relying heavily on startup based financial infrastructure, as operational disruptions can directly affect payment systems and customer transactions. Despite the setback, observers believe the demand for seamless cross border payment solutions across Africa remains strong, especially as digital trade, freelancing, and remote work continue expanding within the continent’s technology ecosystem.