Search for an article

Select a plan

Choose a plan from below, subscribe, and get access to our exclusive articles!

Monthly plan

$
5
$
0
billed monthly

Yearly plan

$
10
$
0
billed yearly

All plans include

  • Unlimited Access
  • Exclusive Content
  • Real-Time Updates
  • Stay Informed
  • Member Perks
  • Subscriber Benefits
  • No More Paywalls
  • Interactive Features
  • Exclusive Deals & Offers
Friday, March 14, 2025
HomeTechnologyUnique: Woven Finance, a fintech startup backed by Coronation Group, is shutting...

Unique: Woven Finance, a fintech startup backed by Coronation Group, is shutting down 

Published on

spot_img

Woven Finance, the fintech startup based by Trium, a enterprise group by Coronation Group, is discontinuing its service, in response to an electronic mail shared with clients on Wednesday morning. 

The fintech, which was absolutely licensed by the Central Financial institution of Nigeria (CBN) in 2022, and has a Cost Options Service Supplier (PSSP) licence, will switch its companies to Hydrogen, a fintech firm owned and run by Entry Financial institution. Turning into a part of Hydrogen will assist Entry Financial institution compete with GTCO’s fintech, Squad. Kemi Okusanya, a former Basic Supervisor at Visa West Africa, leads hydrogen. 

“After an intensive evaluation of the present market dynamics and their impression on our enterprise mannequin, Woven Finance has resolved to stop its cost companies operations within the first quarter of 2024,” Woven Finance stated in an electronic mail to clients. 

Woven Finance Origin story

Woven Finance, which got down to “demystify digital payments,

” was based in 2020 by Adedeji Olowe. It offered itself to enterprise house owners by providing a digital account with which they may acquire funds, eliminating widespread issues like reconciliation and settlements.

The corporate’s founder, Olowe, additionally ran Trium, the know-how enterprise fund for the Coronation Group. The Coronation Group, which incorporates corporations like Coronation Service provider Financial institution and Coronation Insurance coverage (previously WAPIC), turned a part of Entry Financial institution after the acquisition of Intercontinental Financial institution. 

However in 2011, a directive from the Central Financial institution of Nigeria (CBN) compelled banks to divest their non-banking companies or restructure into holding corporations. On the time, Entry Financial institution–which adopted a holding firm construction in 2022–selected to spin off the Coronation Group. 

Whereas it stays unclear the precise dynamics that led Woven Finance to discontinue operations, one principle is that growing competitors from established fintechs and different bank-led fintechs like Squad, Zest and Hydrogen could have prompted the choice.

*This can be a creating story

Get the perfect African tech newsletters in your inbox

Read More

Latest articles

Jeff McNeil de los Mets comenzará la temporada en lista de lesionados por desgarro de oblicuo

PORT ST. LUCIE, Florida, EE.UU. (AP) — El infielder de los Mets Jeff McNeil comenzará la temporada en la lista de lesionados debido a una distensión en el oblicuo derecho. Carlos Mendoza, el manager de Nueva York, informó el jueves que el campeón de bateo de las Grandes Ligas de 2022 tiene una distensión de

Algunas universidades congelan contrataciones ante amenaza de Trump sobre fondos federales

Por CLAIRE RUSH Las universidades de Estados Unidos han anunciado congelaciones de contrataciones, citando una nueva incertidumbre financiera al tiempo que el gobierno del presidente Donald Trump amenaza con una serie de recortes a contratos federales y subvenciones de investigación. En febrero, el gobierno anunció recortes profundos a las subvenciones de los Institutos Nacionales de

Jim Cramer: The White Home ought to change its messaging

CNBC's Jim Cramer on Thursday lamented the detrimental sentiment surrounding the economic system, which...

Nvidia’s subsequent chips are named after Vera Rubin, astronomer who found darkish matter

Jensen Huang, co-founder and CEO of Nvidia, shows the brand new Blackwell GPU chip...

More like this

Jeff McNeil de los Mets comenzará la temporada en lista de lesionados por desgarro de oblicuo

PORT ST. LUCIE, Florida, EE.UU. (AP) — El infielder de los Mets Jeff McNeil comenzará la temporada en la lista de lesionados debido a una distensión en el oblicuo derecho. Carlos Mendoza, el manager de Nueva York, informó el jueves que el campeón de bateo de las Grandes Ligas de 2022 tiene una distensión de

Algunas universidades congelan contrataciones ante amenaza de Trump sobre fondos federales

Por CLAIRE RUSH Las universidades de Estados Unidos han anunciado congelaciones de contrataciones, citando una nueva incertidumbre financiera al tiempo que el gobierno del presidente Donald Trump amenaza con una serie de recortes a contratos federales y subvenciones de investigación. En febrero, el gobierno anunció recortes profundos a las subvenciones de los Institutos Nacionales de

Jim Cramer: The White Home ought to change its messaging

CNBC's Jim Cramer on Thursday lamented the detrimental sentiment surrounding the economic system, which...
en English