Nigerian Crypto Firm Lazerpay Closes Due to Lack of Fund

• A Nigerian crypto-based fintech shuts down after unsuccessful fundraising attempts.
• The company is offering to sell its IP to interested companies.
• Merchants are advised to withdraw funds from the platform before April 30, 2023.

Lazerpay, one of Africa’s fastest-growing crypto-based fintech solutions, is shutting down its business operation. In a letter to stakeholders on Thursday, the CEO, Njoku Emmanuel, said Lazerpay ceased operation after multiple fruitless efforts to raise funds for the business’s survival.

“We were unable to close a successful fundraising round,” Emmanuel explained to stakeholders. He said, “We fight hard to keep the lights on as long as possible, but unfortunately, we are now at a point where we need to shut down.”

Furthermore, Lazerpay offers to sell its Internet Protocol (IP) to companies interested in building on the future of crypto payments. The company expressed willingness to show how the technology works from the inside and how to integrate it.

The firm promised to resolve all outstanding matters before the disruption, and merchants are advised to withdraw their funds from the platform before April 30, 2023.

Notably, the Nigerian crypto payments startup commenced operation two years ago, intending to drive crypto adoption globally. The firm has enabled over 3,000 businesses to accept payments in stablecoins, including an off-ramp feature to help merchants convert crypto to fiat directly to the bank in over 100 countries.

Last November, Lazerpay fired members of its team in a bid to extend its operating runway after a proposed lead investor pulled out abruptly due to market conditions and disagreements on terms. Notably, the firing round occurred after the company employees agreed to a pay cut, while the management team took zero salaries.