Nigerian Fintech Gigbanc to Wind Down Operations

Why Gigbanc lost Africa’s cross-border payments race

Nigerian fintech Gigbanc is shutting down three years after it first launched. Users have until July 31 to withdraw non-fraudulent funds for free. The startup is reportedly in acquisition talks and will hope for a favorable outcome. The startup provided banking and cross-border payment services for freelancers and businesses in Africa.  Gigbanc was founded by Paul Okundaye and Babatope Oni, both of whom came with fintech and consulting experienc…

Nigerian Fintech Gigbanc Winds Down Operations

Nigerian fintech startup Gigbanc has announced it is winding down operations, becoming the latest casualty of the funding downturn affecting early-stage startups across Africa. The company, which set out to build cross-border financial infrastructure for African freelancers, creators, entrepreneurs and businesses, confirmed the decision in a statement signed by its co-founders. “After careful consideration, Gigbanc’s … The post Nigerian Fintech …

The Nigerian Startup Graveyard: A 24-Month Chronology of Funding, Failure, and What It Teaches Founders

When Gigbanc‘s co-founders sat down to write their farewell letter, they described the decision to shut down as one of the hardest of their careers. But in Nigeria’s tech ecosystem, that letter now joins a growing, painfully consistent startup graveyard. Over the past two years, at least half a dozen Nigerian startups, spanning fintech, edtech, HR tech and mobility, have written some version of the same letter. Laid end to end, their stories tra…

Nigerian fintech Gigbanc to wind down operations

Gigbanc, a Nigerian fintech that built cross-border payment solutions for freelancers, creators, remote workers, and businesses, is winding down its operations after three years, citing a tough fundraising climate.  Although the startup did not disclose details of its fundraising efforts, it told TechCabal it is in acquisition talks with an undisclosed Nigerian fintech infrastructure provider. The company said customers have until July 31 to con…