Nigerian fintech startup Thepeer is shutting down after three years of operation, citing significant compliance struggles and low product acceptance as the primary reasons. The company, which operated as an API-based payment layer to facilitate seamless money movement between digital wallets and apps, will return the remaining portion of its $2.1 million seed funding to investors, as options like a pivot or acquisition were deemed unviable. Founded by Michael Okoh and Chike Ononye and backed by investors like Raba Partnership and Flutterwave, Thepeer will enter a maintenance mode while seeking a new home for its technology. The shutdown, announced in April 2024, highlights the regulatory challenges faced by fintech innovators in navigating complex compliance landscapes.
