Chimoney, a fintech startup that helped businesses send money across borders, has officially closed its doors. The company cited a lack of funding as the reason it could no longer keep its services running.
In an email sent to customers on May 1, 2026, the company explained that it has stopped all new transactions and is now working on returning money to its users.
Key Details of the Shutdown
• The Date: Chimoney stopped processing all new payments and integrations on May 1, 2026.
• The Reason: The startup did not have enough capital (cash) to continue operations.
• Customer Balances: The company is currently refunding customers who have money left in their accounts. If you have no balance, the company stated that “no action is needed.”
• The Impact: Businesses that used Chimoney’s technology (APIs) to pay workers must now find new ways to send money, highlighting the risks of relying on a single startup for payment tools.
About Chimoney
Founded in 2022 by Uchi Uchibeke, Chimoney was built to solve a specific problem: making it easy for companies to pay people in different countries.
• Reach: It supported payments in 41 different currencies across Africa, North America, and Latin America.
• Versatility: Beyond just bank transfers, Chimoney allowed businesses to pay people via mobile money, airtime, gift cards, and even “stablecoins” (digital currency).
• Growth: The startup was part of the prestigious Techstars Toronto accelerator program in 2023.
The Funding Gap
There is some confusion regarding exactly how much money the company raised before it ran out. While public records suggest the company raised about $280,000, the founder, Uchibeke, stated the total amount was actually closer to $1 million.
Regardless of the final number, it wasn’t enough to survive a difficult market for tech startups. Chimoney’s closure serves as a reminder of how tough it is for fintech companies to stay afloat when new investment money stops flowing.
