Tech

Nigerian fintech Thepeer shuts down after failing to secure funding

Published

9 months ago

April 8, 2024

Nigerian fintech, Thepeer, has shut down its operations after failing to raise the needed funds to scale up its services.

The startup which was founded in by the duo of Kosisochukwu Chike Ononye and Michael Okoh in 2021, was a leading provider of APIs that allow fintechs and other businesses to embed different sets of financial products into their applications and websites.

Thepeer which took the Nigerian tech ecosystem by storm after securing a $2.1 million seed fund in June 2022, announced that it is closing down and will return its remaining capital to investors after failing to scale up.

“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,” the statement issued by Ononye said.

“Yet, we soon realised that exceptional technology alone wasn’t sufficient.

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

“Additionally, the overall acceptance of wallets as a viable payment option didn’t grow as rapidly as we had hoped; this meant we had to spend a lot of time and resources educating people about what we do.”

Ononye added that the challenges faced by the company meant it needed to “make a decision to either do a hard pivot, an M&A deal, or return capital to investors.”

“After carefully weighing our options, we decided that returning the remaining capital to investors was the best decision,” he said.

“We could not align our product with the market’s needs at our current size and scale,” Ononye added.

He stated that Thepeer will now be placed on maintenance mode, while the founders will work to maintain the platform for as long as possible until they discover a new home for it.

Related Topics:Featured fintech Funding Thepeer

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Tech

Kenya’s ticketing startup BuuPass partners Flexpay for flexible travel payments

Published

3 days ago

December 19, 2024

Isaac Dachen

Kenyan digital ticketing startup, BuuPass, has entered into a partnership with goal-based savings platform, Flexpay, to offer customers flexible payment plans ahead of holiday travels as well as simplify travel planning and ease the financial burden of holiday travel for Kenyans.

Co-founder and CEO at Buupass, Sonia Kabra, who unveiled the package at a press conference, said the collaboration between the two platforms will allow travellers to save for their journeys in manageable, interest-free installments over four to 12 weeks.

“Travelers can select their travel dates, book tickets, and pay a small deposit upfront, with the remaining balance spread across weekly or monthly payments,” she said.

“This approach offers a stress-free way for families and large groups to secure their tickets early, helping them avoid last-minute price hikes as fares are locked in.

“By partnering with Flexpay, we’re giving travelers the flexibility to budget for their trips in advance. This initiative aligns with our mission to make travel accessible to everyone, providing a solution that meets customers where they are financially,” said Kabra.

Also speaking at the event, Richard Machomba, CEO and founder of Flexpay, said:

“Flexpay’s mission is to empower individuals by providing accessible financial solutions that make it easier for them to achieve their financial goals.

“By partnering with BuuPass, we’re making travel more accessible and stress-free for Kenyans, especially during the holiday season when expenses can be overwhelming,” Machomba added.

Founded in 2016 by Kabra and Wyclife Omondi, BuuPass is a B2B2C mobility marketplace that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

FlexPay, on the other hand, is an online and offline payment gateway that allows merchants to offer interest-free targeted savings to their customers in Africa.

Tech

DR Congo sues tech giant Apple over illegal mineral exploitation

Published

4 days ago

December 18, 2024

Isaac Dachen

The Democratic Republic of Congo (DRC), has filed a criminal case against the European subsidiaries of tech giant, Apple, accusing them of illegal mineral exploitation and allegedly using “blood minerals” in its supply chain.

In the suit filed on Tuesday, the DRC alleges that Apple has bought contraband supplies from the country’s conflict-ladden east and Rwanda, zones in which it allege the materials are mined illegally and then integrated into global supply chains before ending up in tech devices.

The DRC suit specifically mentioned Apple subsidiaries in France and Belgium, accusing the tech giant of using conflict minerals in its supply chain.

The DRC is a major source of tin, tantalum, and tungsten which are used in electronic devices, with some mines controlled by armed groups responsible for human rights violations.

International lawyers representing the African country’s government have accused Apple’s local subsidiaries of taking these minerals from conflict areas and laundering them through international supply chains, with one lawyer telling journalists that Belgium had a moral duty to act given its history of exploiting the country’s resources under colonial rule.

However, in its response, Apple claims it conducts supplier audits and does not directly source primary minerals.

https://www.thenews.com.pk/print/1262670-dr-congo-sues-apple-over-alleged-illegal-mineral-exploitation