Chimoney, a Nigerian-founded fintech that built cross-border payment infrastructure for businesses, has shut down, citing a lack of capital to sustain operations.In a May 1 email seen by TechCabal, the Canada-based startup told customers it had stopped processing new transactions and integrations and had begun refunding customer balances. “As of May 1, 2026, Chimoney has ceased all new transactions and integrations,” the email read. “No balance on file: No action needed on your end. This is our final operational email.” Businesses that relied on Chimoney’s payment rails will now have to find alternatives, exposing the fragility of building on startup infrastructure: when the provider goes down, so does the payment rail.
Chimoney shuts down after failing to raise enough capital
Chimoney, a Nigerian-founded fintech backed by Techstars, has shut down after failing to scale distribution, citing a lack of capital.
111 words~1 min read
