Cross-border payment startup Chimoney is set to wind down operations after spending four years developing payment infrastructure that supported transactions in 41 currencies.
The Nigerian-Canadian fintech company’s founder and Chief Executive Officer, Uchi Uchibeke, said the shutdown followed mounting regulatory expenses, funding limitations and difficulties scaling distribution.
Speaking on the development, Uchibeke noted that although the company successfully built its technology, reaching enough customers remained a major challenge.
During its operations, Chimoney created a unified API that enabled businesses to process international payments through bank transfers, mobile money, stablecoins and Interledger technology across Africa, North America and Latin America.
The company reportedly raised less than $1 million in funding over four years, which Uchibeke said was not enough to sustain its expansion plans.
He added that investors had been notified earlier in the year, while customers were informed in April. Client wallet balances, according to him, will be refunded before August 31, 2026.
Despite shutting down the platform, Chimoney will retain its corporate structure and Payment Service Provider licence.
Uchibeke also disclosed that he has moved on to a new venture known as APort, a startup building pre-action authorisation tools designed for AI agents.
