Lazerpay is shutting down.
- by Nairainvest News,
- Sun, April 23rd, 2023
- in Business & Investment
In a sad turn of events, Lazerpay, a Nigerian digital assets payments startup, has announced its closure after failing to attract investment. The news was confirmed by the company's founder, Emmanuel Njoku, in a recent tweet, where he cited financial constraints as the main reason for the shutdown.
Njoku, who founded Lazerpay as a teenager in 2021, expressed his disappointment in the announcement, stating that the team had made tireless efforts to secure the necessary funding to keep the startup running. However, despite their best efforts, they were unable to close a successful fundraising round.
"We announce the difficult decision to cease operations at Lazerpay. We fought hard to keep the lights on as long as possible, but unfortunately, we are now at a point where we need to shut down," Njoku wrote on Twitter.
This announcement follows months of financial distress for the startup, which had previously announced layoffs in November. At the time, Njoku revealed that the company had been struggling to pay salaries, with employees receiving reduced pay for months. Furthermore, the founders themselves had not been taking salaries home.
The closure of Lazerpay comes as a blow to Nigeria's burgeoning fintech industry, which has seen significant growth in recent years. The startup was one of the few in the country focusing on digital asset payments, which has become an increasingly important area of the fintech landscape.
In conclusion, the closure of Lazerpay is a reminder that startups, no matter how promising, can face challenges that may ultimately lead to their closure. The news is a stark reminder of the importance of financial stability and investment for startups, especially in a highly competitive industry such as fintech. We wish the Lazerpay team all the best in their future endeavors.