Nigerian crypto payment startup Lazerpay shuts down after struggling to raise funds

Lazerpay, a Nigerian-based crypto payment company, has announced it is shutting down due to its inability to secure additional funding. The start-up had been struggling for some time after downsizing its workforce in November 2022.

Founded in 2021, Lazerpay developed an API that allowed developers to integrate crypto payments into their platforms, enabling merchants to accept payments in crypto. The start-up was on a mission to drive financial inclusion and interoperability in Africa, enabling merchants to receive and make payments in Naira, Cedis, Kenyan Shillings, Rwandan Shillings, US Dollars, and UAE Dirham.

Lazerpay founder Njoku Emmanuel posted the official statement in a Twitter update saying that the company had tried to “keep the lights on for as long as they could, but they’re now at a point where they need to shut down.”

Customers have been advised to move their funds from the platform using bank or crypto payout options before 30 April 2023, when Lazerpay will officially cease operations. In its 17 months of operation, the company had served over 3,000 businesses. Lazerpay was backed by Shola Akinlade of Paystack, Nuwa Capital, Voltron Capital and Nestcoin.

Last year, FTX’s collapse had a significant impact on African crypto start-ups, with Nigeria’s Nestcoin laying off staff. Last month, Fluidcoins, another Nigerian crypto start-up, was acquired by Bitfinex after it unsuccessfully tried to raise funds to continue its business operations.

Despite Lazerpay’s closure, the company said it's open to selling its IP to anyone interested in using it to build the future of crypto payments.