Thepeer, a Nigerian-based API startup, has announced its closure and decision to return its remaining capital to investors, as revealed in a statement.
The startup, which had been in operation for three years, cited challenges in scaling its unique service as the primary reason for shutting down. Despite its innovative technology, Thepeer faced compliance issues and a slower-than-expected adoption of wallets as a viable payment option.
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Thepeer managed to successfully raised a $2.1 million seed round in June 2022. Initially, Thepeer aimed to revolutionize money movement by offering APIs that allowed fintechs and businesses to embed various products into their applications and websites, facilitating seamless transactions for customers across the continent. However, the company struggled to connect wallets across over 400 fintechs as originally envisioned.
Thepeer, founded in April 2021 by Kosisochukwu Chike Ononye and Michael “Trojan” Okoh, raised $220,000 in a pre-seed round and $2.1 million in a seed round. Despite notable achievements like high transaction volumes and growth rates, the startup failed to meet market needs. Consequently, the founders have decided to temporarily maintain the product and explore future opportunities.
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