Nigerian fintech startup Thepeer has shut down its operations, citing challenges in achieving market traction. The company, founded in 2021, will return its remaining capital to investors after failing to scale its business model, they announced on Monday.
Thepeer developed an API-based platform that aimed to connect digital wallets across over 400 African fintech companies. This would have allowed users to easily transfer money between different wallets through applications and websites.
Despite raising $2.1 million in funding, including a seed round led by Raba Partnership, Thepeer faced roadblocks to growth. Compliance hurdles and slower-than-expected adoption of digital wallets as a primary payment method hampered the company’s progress. The founders acknowledged that their product ultimately failed to fully align with market needs.
To find a new direction, Thepeer has transitioned its platform to maintenance mode. The founders are committed to keeping it operational for as long as possible while searching for a potential new owner.
Thepeer’s closure highlights the complexities of navigating the African fintech landscape.
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