Nigerian-Canadian fintech startup, Chimoney, has announced plans to shut down operations after four years of building a unified API for cross-border payments across 41 currencies.
Founder and Chief Executive Officer, Uchi Uchibeke, disclosed the decision in a statement on Thursday, citing distribution challenges, rising regulatory costs and limited funding as key reasons behind the shutdown.
According to Uchibeke, the startup raised less than one million dollars during its four-year operations, a figure he said proved inadequate for its growth ambitions.
“The product worked. It was distribution.
“I spent too much of my time building and not enough time making sure people knew what we built,” he said.
Founded to simplify international payments, Chimoney offered businesses a single API integrating bank transfers, mobile money, stablecoins and Interledger for cross-border transactions.
The startup served businesses across North America, Africa and Latin America.
Uchibeke said the company had explored strategic alternatives before opting for an orderly shutdown.
“None of them closed on terms that made sense.
“So I chose to shut down cleanly instead of dragging the company forward on hope,” he said.
He disclosed that investors were notified in February, while clients were informed in April.
According to him, all client wallet balances will be refunded through Aug. 31, 2026, while migration guides have been made available to developers using the company’s API.
Despite the closure, Uchibeke said Chimoney’s corporate entity and Payment Service Provider (PSP) registration would be retained.
“That licence is hard to get, and I believe it will only get harder. I am holding on to it,” he said.
The founder advised startup operators to prioritise either adequate fundraising or sustainable bootstrapping strategies.
“Either raise properly or bootstrap with a profitable beachhead.
“I tried to do both and did neither well,” he added.
Uchibeke said he is now focused on building a new company, APort, which is developing pre-action authorisation tools for AI agents.
