Chimoney, a fintech company founded by a Nigerian entrepreneur, has closed its operations after struggling to raise enough money to keep the business running. The company was building payment tools to help businesses send money across borders, but it could not scale fast enough in a tough funding climate for startups.
The Canada-based startup informed its customers in an email dated May 1, 2026, that it had stopped processing new transactions and integrations. It also said it had started refunding money held in customer wallets.
“As of May 1, 2026, Chimoney has ceased all new transactions and integrations,” the company said in its message. “This is our final operational email.”
Chimoney was founded in 2022 by Nigerian-Canadian entrepreneur Uchi Uchibeke. The startup created a single application programming interface (API) that allowed companies to send payments to freelancers, contractors and vendors across several regions, including Africa, North America and Latin America.
Its system supported payments in 41 currencies. It also allowed transfers through bank accounts, mobile money, airtime, gift cards and stablecoin off-ramps. The aim was to solve the problem of sending money in markets where payment systems are fragmented and do not easily connect.
The company joined the Techstars Toronto accelerator in 2023. It raised around $280,000 in publicly disclosed funding, although the founder said the total, including grants and other support, was close to $1 million.
Despite this, the funding was not enough. The company said running a cross-border fintech across several countries requires high spending on compliance, audits and licensing. These costs made it difficult to survive on limited capital.
Founder Uchi Uchibeke said the business model was sound, but growth was the main problem.
“The product worked. It was distribution,” he said. “I spent too much of my time building and not enough time making sure people knew what we built.”
Chimoney also told investors about its planned shutdown in February 2026 and informed customers in April. It provided migration guides for developers before stopping transactions on April 30.
Customers are now being refunded through a self-service system that will remain active until August 31, 2026. Refunds are expected within seven to 14 working days. Any unclaimed funds will later be handed over to unclaimed property offices in Canadian provinces, as required by law.
Before shutting down, the company tried to shift its focus in 2025 towards AI agent payments. This idea allowed artificial intelligence systems to hold wallets and make payments under strict controls. However, the plan did not attract enough customers before the company ran out of money.
Chimoney had also received a Payment Service Provider licence under Canada’s Retail Payment Activities Act in November 2025. This allowed it to hold customer funds. Even after the shutdown, its parent company Chi Technologies Inc. will stay active, but the licence will remain dormant.
Uchi Uchibeke is now working on a new startup called APort. The new venture focuses on making sure AI agents must ask for permission before moving money or handling sensitive actions for businesses.
Chimoney’s closure adds to a growing list of African-linked startups that have shut down or restructured in recent years. Many have faced similar problems, including weak funding, high operating costs, and pressure from investors to show profits earlier.
