Njoku Emmanuel, CEO and Founder of Lazerpay
Founder Njoku Emmanuel revealed on Twitter that the startup had struggled to secure funding, and despite their efforts to stay operational, they could no longer continue.
The company had downsized in November 2022, but this was not enough to keep it afloat. According to a source, the founder turned down an acquisition offer from an investor, which led to layoffs and left only two developers, the founder, and the source, working without pay.
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Customers have been advised to withdraw their funds from the platform before April 30, 2023, when Lazerpay will officially cease operations. The startup facilitated payments in various currencies, including Naira, cedis, Kenyan Shillings, Rwandan Shillings, US Dollars, and UAE Dirham.
Lazerpay aims to promote financial inclusion and interoperability in Africa, and the founders have expressed a willingness to sell Lazerpay’s intellectual property to anyone interested in furthering this mission.
Since its founding in 2021, the company has developed an API that enabled developers to integrate crypto payments into their platforms, allowing merchants to accept payments in crypto. During their seventeen months of operations, over 3,000 businesses were served.
The startup was previously backed by Paystack’s Shola Akinlade, Nuwa Capital, Voltron Capital, and Nestcoin.
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