Lazerpay, one of Africa’s fastest-growing crypto-based fintech solutions, is ceasing operations, the company said in a letter seen by TechEconomy on Friday.
The company promised to resolve all outstanding issues before the outage, and merchants are advised to withdraw their funds from the platform by April 30, 2023.
Njoku Emmanuel, the CEO, stated in a letter to stakeholders that Lazerpay is shutting operations after numerous futile efforts to raise funds for the company’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.”
Furthermore, Lazerpay offers to sell its Internet Protocol (IP) to companies interested in building on the future of crypto payments. The company expressed its willingness to show how the technology works from the inside and how to integrate it.
Notably, the Nigerian crypto payments startup began operations two years ago with the goal of driving global crypto adoption. The company has enabled over 3,000 businesses to accept stablecoin payments, including an off-ramp feature that allows merchants in over 100 countries to convert crypto to fiat directly to the bank.
Last November, Lazerpay fired members of its team in an attempt to extend its operating runway after a proposed lead investor abruptly withdrew due to market conditions and terms disagreements. Notably, the firings came after the company’s employees agreed to a pay cut, while the management team was paid nothing.