Woven Finance, the Coronation Group-backed fintech startup, has denied shutting down, claiming that an email sent to clients on Wednesday morning informing them of a shutdown was despatched in error.

“The e-mail was unauthorised and was instantly recalled,” a highly-placed individual on the firm advised TechCabal.

“After a radical evaluation of the present market dynamics and their influence on our enterprise mannequin, Woven Finance has resolved to stop its cost companies operations within the first quarter of 2024,” a part of the corporate’s Wednesday electronic mail stated.

The corporate additionally denied a vital element within the electronic mail the place it advised clients that it might switch its companies to Hydrogen, a fintech owned by the Entry Group. “There are not any plans to switch any service,” the identical supply stated, maybe referring to the Fee Resolution Service Suppliers (PSSP) licence it acquired in 2022.

The fintech advised TechCabal that it might ship communication clarifying the error and that it continues to function till shareholders and the corporate’s board resolve in any other case.

Woven Finance is backed by Trium, the enterprise arm of the Coronation Group, which incorporates firms like Coronation Service provider Financial institution and Coronation Insurance coverage (previously WAPIC).

*It is a growing story