Startup Fintech Company Chimoney Shuts Down Amid Scaling Challenges

Chimoney, a fintech startup that built a unified API for cross-border payments across 41 currencies, is shutting down. Founder and CEO Uchi Uchibeke confirmed the decision, ending the company’s four-year run. The Nigerian-Canadian startup served businesses across North America, Africa and Latin America, but raised less than $1 million over that period. According to Uchibeke, that level of funding was not enough to support the scale the company was aiming for.

In reflecting on the shutdown, he pointed to a gap between building the product and getting it widely used. “The product worked,” he said. “It was distribution.” Much of the effort went into development, while customer acquisition lagged behind.

A Solid Product in a Difficult Market

Chimoney came out of Techstars and secured a FINTRAC MSB licence in Canada. It later became one of the first companies to receive a Payment Service Provider licence under the Bank of Canada’s RPAA framework. The company also adopted Interledger, a protocol designed to connect different payment networks. Its platform focused on simplifying cross-border transactions. For instance, a U.S. company paying a freelancer in Lagos often has to deal with multiple systems, currencies and compliance checks. Chimoney brought these steps into a single API, supporting bank transfers, mobile money, stablecoins and Interledger connections.

But operating across multiple jurisdictions came with high overheads. Compliance requirements and audit costs continued to rise, while revenue remained limited. This imbalance made it difficult to sustain operations.

Uchibeke said he explored potential acquisitions and partnerships before deciding to close the business. None of the offers aligned with the company’s position, leading to a decision to shut down rather than continue under uncertain terms.

Investors were informed in February, followed by clients in April. The company is now refunding all client wallet balances, with the process expected to run through August 31, 2026. Developers who built on the platform have also been given migration guidance.

What Remains and What Comes Next

Despite the shutdown, Chimoney’s corporate entity and payment service provider registration will be retained. Uchibeke noted that such licences are difficult to secure and likely to become more restrictive over time.

He is now working on a new venture, APort, which focuses on approval systems for autonomous software agents. The project has already introduced the Open Agent Passport.

Reflecting on the experience, Uchibeke’s main takeaway is straightforward: founders need to either raise enough capital early or build from a clearly profitable starting point. Trying to do both at once, he suggests, can stretch resources too thin.