LazerPay, a Blockchain payment company on Thursday announced the shutting of its operation as the company were unable to close a successful fundraising round.
According to LazerPay, the team worked tirelessly to secure fundraising but hit brick walls.
In a statement, the fundraising round, which commenced early last year, came to a stop when its proposed lead investor pulled out abruptly due to market conditions and differences in terms.
According to the CEO and founder, Njoku Emmanuel, LazerPay “fought hard to keep the lights on as long as possible, but unfortunately, we are now at a point where we need to shut down.”
The company indicated that monies on the platform are available for withdrawal and will be available until April 30th, 2023. To access their funds, merchants must choose the bank or cryptocurrency payout option.
Following the shutdown, LazerPay has made its IP available for purchase, stating that the offer is open to companies interested in continuing to build the future of crypto payments.
“We are more than happy to talk further about how our technology works, and we can help set you up to build or integrate with it,” stated LazerPay.
This comes after the startup laid off several of its employees in November 2022, following the collapse of crypto company FTX, but the company insisted that the downsizing had nothing to do with the crisis.
LzerPay was started in 2021 by Emmanuel Njoku, and since then, it has assisted over 3000 businesses in receiving and making payments in Naira, cedis, Kenyan shillings, Rwandan shillings, US dollars, and UAE dirhams.