Intelligence Lab
Predict the next failure before it happens.
We've turned the data from Gigbanc into a stress-test model. Simulate this deal's risk profile in our new Laboratory.
Run a Pre-Mortem
Gigbanc
Global bank account
- Category:
- Fintech
- Country:
- Nigeria
- Founded:
- 2023
- Cause of Failure:
- High infrastructure and compliance costs
- Outcome:
- Shutdown
- Shut Down in:
- July 2026
- Founders:
- Babatope Oni, Paul Omoregie Okundaye
- Number of Founders:
- 2
- Number of Employees:
- 11-50
- Funding Amount:
- $735.00 K
- Last Funding Round:
- Unknown
- Notable Investors:
- Unknown
About Gigbanc
A Nigerian neobank designed exclusively for African freelancers, remote workers, and creators, offering multi-currency wallets, virtual dollar cards, and cross-border settlement solutions to integrate local talent into the global digital economy.
What went wrong?
Gigbanc, a fintech company focused on cross-border payments in Africa, is shutting down despite having raised over $1 million and acquired over 150,000 customers. The primary reasons for its failure are the unsustainable high costs of infrastructure and regulatory compliance in the African market, which ultimately led it to lose the competitive race in the region.
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Why Gigbanc lost Africa’s cross-border payments raceDon't become a case study
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