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Nigerian crypto startup Lazerpay shuts down after failing to raise funds


Nigerian crypto payment platform Lazerpay has declared its intentions to shut down after failing to raise a successful funding round.

This was revealed by CEO Njoku Emmanuel who said that the company was struggling to stay afloat despite efforts to “keep the lights on for as long as they could.” Njoku said they’re now at a point where they need to shut down.

Lazerpay was founded by Njoku, Abdulfatai Suleiman, and Prosper Ubi in October 2021 and was touted as one of the best payment platforms in Africa, particularly in the cryptocurrency market.

In addition to being a payment platform, the firm was also providing access to decentralize finance (DeFi) such as lending and staking.

In November last year, Lazerpay’s troubles came alive as it laid off a significant number of employees. The CEO revealed at the time that the company was undergoing a financial crisis after a lead investor pulled out resources abruptly.

“Today, we announce the difficult decision to cease operations at Lazerpay. Despite our team’s tireless efforts to secure the necessary funding to keep Lazerpay going, we were unable to close a successful fundraising round,” Njoku wrote.

The company further advised users to move their funds from the platform by April 30, 2023, even as they remain hopeful that they may be acquired by a new investor.

“We welcome offers from companies who are interested in purchasing Lazerpay’s IP, and who would like to continue building the future of crypto payments. We are more than happy to talk further about how our technology works and how we can help set you up to build or integrate with it.”

Lazerpay claims to have facilitated 3000 merchants to receive and make payments in Naira, cedis, Kenyan Shillings, Rwandan Shillings, US Dollars, and UAE Dirham.

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Simon W Nderitu

Simon is a tech enthusiast who keeps a close eye on emerging technologies, startups and the general business environment. You will often catch him totally immersed and drooling over Artificial Intelligence, Machine Learning, Virtual Reality, Augmented Reality, IoT and just about any other tech that promises to revolutionize the way we live. Send tips to snderitu@techtrendske.co.ke

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