Chimoney, a Nigerian-founded fintech startup that built infrastructure for cross-border payments, has shut down operations after running into capital constraints that made it difficult to sustain its business.
A Canada-based company confirmed it had stopped processing new transactions and integrations and had already begun refunding customer balances.
“As of May 1, 2026, Chimoney has ceased all new transactions and integrations,” the company wrote. “No balance on file: No action needed on your end. This is our final operational email.”
The shutdown means businesses that relied on Chimoney’s payment rails will now have to transition to alternative providers, highlighting a recurring risk in startup-built financial infrastructure when a provider exits, the services built on top of it are also disrupted.
Founded in 2022 by Uchi Uchibeke, Chimoney positioned itself as a cross-border payments platform enabling businesses to pay freelancers and vendors across 41 currencies spanning Africa, North America, and Latin America. Its system offered a single API that supported bank transfers, mobile money, airtime, gift cards, and stablecoin-based payouts.
The startup joined the Techstars Toronto accelerator in 2023 and reportedly raised about $280,000 in disclosed funding, according to Crunchbase, though Uchibeke has said the real figure was closer to $1 million.
In his explanation for the shutdown, Uchibeke pointed to undercapitalisation as a key factor, noting that the business attempted to operate at venture scale with insufficient funding across multiple jurisdictions.
He said customers were informed of the wind-down in stages investors in February 2026 and clients in April before the company fully stopped transactions on April 30. Migration guides were also shared with developers ahead of the shutdown.
To manage refunds, Chimoney has set up a self-service dashboard that will remain open until August 31, 2026. Customers can choose their preferred payout method, submit required details, and complete two-factor authentication. Refunds are expected to be processed within seven to 14 business days.
Unclaimed balances after the deadline will be transferred to provincial unclaimed property authorities in Canada, in line with regulatory requirements.
According to Uchibeke, Chimoney processed tens of thousands of transactions for hundreds of business clients, though he declined to share exact figures. He acknowledged that while the company built strong infrastructure, it struggled with customer acquisition and distribution at scale.
Chimoney initially focused on API-driven cross-border payouts and later explored a pivot into AI agent payment infrastructure in 2025, aiming to allow autonomous systems to manage wallets under strict policy controls.
The company also secured a Payment Service Provider licence under Canada’s Retail Payment Activities Act in late 2025, giving it the ability to hold end-user funds.
Despite the shutdown, Chimoney’s parent company, Chi Technologies Inc., will continue operating and retain its PSP licence in a dormant capacity.
The closure adds to a string of previous shutdowns by its founder, who also wound down AfricaHacks in 2023 before transitioning it into a nonprofit focused on digital skills development.
He is now working on a new venture, APort, which focuses on AI agents requiring authorization before executing financial or data-related actions separate from Chimoney and unrelated to its obligations or customer funds.
Chimoney becomes the latest venture wound down by founder Uchi Uchibeke, following the closure of AfricaHacks in 2023. AfricaHacks, which began as a developer community platform, later evolved into the World Innovation League (WII), a Canada-based non-profit focused on digital skills and workforce development.
Over the years, Uchibeke has also explored several other products, including Oruly, a hybrid AI-and-human task outsourcing platform, and Food Waste Log, a tool designed to help restaurants track and reduce food waste.
He is currently building a new venture called APort, a separate product focused on giving AI agents controlled access to business actions. The system is designed to ensure AI agents must request and receive authorisation before executing sensitive operations such as moving money, changing data, or triggering key workflows.
Uchibeke clarified that APort is independent of Chimoney and carries no connection to its customer funds, liabilities, or regulatory obligations.