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Run a Pre-Mortem
Chimoney
API for cross-border payments
- Category:
- Fintech
- Country:
- Nigeria
- Founded:
- 2022
- Cause of Failure:
- Lack of funding / ineffective customer acquisition engine
- Outcome:
- Shutdown
- Shut Down in:
- May 2026
- Founders:
- Uchi Uchibeke
- Number of Founders:
- 1
- Number of Employees:
- 1-10
- Funding Amount:
- $300.00 K
- Last Funding Round:
- Pre-seed
- Notable Investors:
- Techstars Toronto Accelerator, XRPL Grants
About Chimoney
Chimoney was building infrastructure and APIs to make value move between currencies, ledgers, and protocols.
What went wrong?
According to the founder, "The product worked. It was distribution. I spent too much of my time building and not enough time making sure people knew what we built. We raised under $1M over the life of the company. For a fintech operating across multiple jurisdictions with regulatory and audit costs, that was too thin. Revenue stayed flat, and without a clear path to more capital, I had to make a call."
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