Lazerpay, a web3 and crypto payment company, is shutting down due to a lack of funding. The founder, Njoku Emmanuel, shared a statement on Twitter explaining that the company had tried to stay afloat but was now at a point where it needed to shut down. The announcement comes after the startup downsized its workforce in November 2022.
Customers have been advised to move their funds from the platform using bank or crypto payout options before April 30, 2023, when the startup will officially cease operations. The company has enabled over 3000 merchants to receive and make payments in Naira, cedis, Kenyan Shillings, Rwandan Shillings, US Dollars, and UAE Dirham. In their seventeen months of operations, they have served over 3000 businesses.
Lazerpay was founded in 2021 and developed an API that allowed developers to integrate crypto payments into their platforms, enabling merchants to accept payments in crypto. The startup was previously backed by Shola Akinlade of Paystack, Nuwa Capital, Voltron Capital, and Nestcoin. Despite shutting down, the company is open to selling its IP to anyone interested in using it to build the future of crypto payments, continuing its mission to drive financial inclusion and interoperability in Africa.
