Chimoney, a Nigerian-founded fintech that built cross-border payment infrastructure for businesses, has shut down, citing a lack of capital to sustain operations.
In a May 1 email seen by TechCabal, the Canada-based startup told customers it had stopped processing new transactions and integrations and had begun refunding customer balances.
“As of May 1, 2026, Chimoney has ceased all new transactions and integrations,” the email read. “No balance on file: No action needed on your end. This is our final operational email.”
Businesses that relied on Chimoney’s payment rails will now have to find alternatives, exposing the fragility of building on startup infrastructure: when the provider goes down, so does the payment rail.
Founded in 2022 by Uchi Uchibeke, Chimoney enabled businesses to pay freelancers and vendors in 41 currencies across Africa, North America, and Latin America. The startup provided businesses with a single API for cross-border payments, supporting bank transfers, mobile money, airtime, gift cards, and stablecoin rails for off-ramps.
In 2023, it joined the Techstars Toronto accelerator. Chimoney raised $280,000 in total funding, according to startup directory Crunchbase, excluding undisclosed grants. Uchibeke said this figure was closer to $1 million.