Nigerian crypto-based fintech, Lazerpay is shutting down operations after unsuccessful fundraising attempts.
In a statement issued via its official Twitter handle 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.”
The firm promised to resolve all outstanding matters before the disruption, and merchants were advised to withdraw their funds from the platform before April 30, 2023.
Recall that 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’s employees agreed to a pay cut, while the management team took zero salaries.