Lazerpay, a Nigerian cryptocurrency payment network, has announced its closure after failing to complete a successful investment round.
According to CEO Njoku Emmanuel, the company is fighting to stay viable despite efforts to “keep the lights on for as long as they could.” Njoku stated that they are now at a position where they must shut down.
Njoku, Abdulfatai Suleiman, and Prosper Ubi founded Lazerpay in October 2021, and it was hailed as one of the greatest payment platforms in Africa, particularly in the cryptocurrency sector.
In addition to being a payment platform, the company offered access to decentralized finance (DeFi) services such as lending and staking.
Lazerpay’s problems became clear last November when it laid off a large number of staff. The CEO indicated at the time that the company was in financial trouble when a major investor abruptly withdrew resources.
“Today, we announce the difficult decision to close Lazerpay.” “Despite our team’s tireless efforts to secure the necessary funding to keep Lazerpay running,” Njoku stated, “we were unable to close a successful fundraising round.”
The company has asked users to withdraw their cash from the platform by April 30, 2023, even if they remain hopeful of being acquired by a new investor.
“We welcome offers from companies interested in purchasing Lazerpay’s intellectual property and continuing to build the future of crypto payments.” We would be delighted to speak with you further about how our technology works and how we can assist you in building or integrating with it.”
Lazerpay claims to have assisted 3000 businesses in receiving and processing payments in Naira, cedis, Kenyan Shillings, Rwandan Shillings, US Dollars, and UAE Dirham.