Lazerpay

Nigerian crypto payments startup Lazerpay has ceased operations and shut down entirely as of April 13, 2023, after failing to secure necessary funding. This follows layoffs announced in November 2022. The company, which was launched in 2021 to help businesses accept stablecoin payments, had onboarded over 3,000 businesses and processed over $1 million in transactions. Founder Emmanuel Njoku stated the difficult decision was unavoidable despite the team's efforts. Lazerpay is now advising merchants to withdraw their funds by April 30, 2023, and is open to offers from companies interested in purchasing its intellectual property.

Lazerpay, a Nigerian crypto payment startup, has commenced layoffs to extend its operational runway after a lead investor pulled out, thwarting its fundraising plans. The exact number of employees affected is not specified, but the downsizing follows earlier cost-cutting measures, including halting management salaries and reducing pay for other staff. Founded in 2021, the company, which aims to be the "Stripe for crypto payments," had helped 3,000 businesses globally. The layoffs, announced by CEO Njoku Emmanuel in late November 2022, are attributed to funding challenges, though he clarified they are unrelated to the FTX collapse. This move reflects broader pressures in the crypto and startup sectors.