The Canada-based company told customers in a May 1 email that it had stopped processing new transactions and integrations and had begun refunding wallet balances.

“As of May 1, 2026, Chimoney has ceased all new transactions and integrations,” the company said in the email. “This is our final operational email.”

Founded in 2022 by Nigerian-Canadian entrepreneur Uchi Uchibeke, Chimoney built a unified API that allowed businesses to send payouts to freelancers, contractors and vendors across Africa, North America and Latin America.The platform supported payments in 41 currencies through bank transfers, mobile money, airtime, gift cards and stablecoin off-ramps, targeting businesses navigating fragmented payment systems across emerging markets.

The startup joined Techstars Toronto in 2023 and raised about $280,000 in disclosed funding, according to Crunchbase data. Uchibeke, however, said the startup secured close to $1 million when grants and undisclosed funding were included.

Even so, he said the capital was insufficient for a fintech operating across several jurisdictions with high compliance, audit and licensing costs.While African startups continue to attract funding, much of the capital flowing into the sector has shifted toward larger, later-stage companies, leaving many early-stage startups struggling to survive.

Investor participation in African startup deals also declined in early 2026, reflecting growing caution among venture capital firms after years of aggressive fintech bets across the continent.

For startups like Chimoney, the challenge has become even tougher because cross-border payment infrastructure businesses require heavy spending on regulation, compliance, treasury management and market expansion long before they achieve scale.