FINTECH NIGERIA | Nigerian API Fintech, ThePeer, to Shut Down and Return Capital to Investors

BitKE · 2026-02-13T05:56:38+00:00

Thepeer, a Nigerian API startup that raised $2.1 million in 2022, has shut down operations due to growth challenges and compliance issues, despite aiming to connect over 400 fintech companies for seamless payment processing.

BitKE

2026-02-13 05:56:38

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Thepeer, an API startup based in Nigeria, has decided to close its operations.

The company, which secured a $2.1 million seed round in June 2022, said it will be returning its remaining capital to investors due to its inability to achieve significant growth and scale its business.

Thepeer’s vision was to interconnect wallets among more than 400 fintech companies across the continent, aiming to facilitate seamless payment processing.

“We embarked on a mission to create something unprecedented, a unique method for transferring money between digital wallets and making payments for goods and services directly from these wallets. Yet, we soon realized that exceptional technology alone wasn’t sufficient,” the company said.

“Our unique service had its challenges, the first being compliance issues that hindered us from launching key wallet providers or maintaining their services.”

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