Gigbanc, a Nigerian fintech that built cross-border payment solutions for freelancers, creators, remote workers, and businesses, is winding down its operations after three years, citing a tough fundraising climate.
Although the startup did not disclose details of its fundraising efforts, it told TechCabal it is in acquisition talks with an undisclosed Nigerian fintech infrastructure provider. The company said customers have until July 31 to convert their balances to naira and withdraw non-fraudulent funds to local bank accounts for free.
The shutdown comes as raising venture capital has become difficult for early-stage startups. In the first half of 2026, African startups collectively raised $1.44 billion, a 1.4% increase from the previous year. Yet, only 146 disclosed funding deals were recorded for the period, down from 252 in H1 2025.
That pattern emerges when tracing fundraising activity in the ecosystem. Early-stage companies unable to raise fresh funding or reach profitability quickly enough either shut down or seek an acquirer as the next viable exit.
“We built Gigbanc with a simple belief: that Africa’s talent deserves financial infrastructure worthy of its ambition,” said Paul Omoregie Okundaye, the startup’s co-founder and CEO. “Looking back, we are incredibly proud of what our team, our community, and our users achieved together.”
Gigbanc said in addition to the tougher funding climate, high Know Your Customer (KYC) and infrastructure costs needed for a B2C cross-border payment product made the business harder to sustain.
“The high KYC and infrastructure costs needed for a B2C cross-border payment product were very challenging,” Okundaye told TechCabal.
Although Gigbanc considered pivoting its business, it said it was unable to secure sufficient capital to fund the transition. “Thus, management felt selling the company was the best option,” Okundaye said.
Founded in 2023, Gigbanc positioned itself as a neobank for Africa’s growing population of freelancers, creators, and digital entrepreneurs earning income from overseas. The platform offered multi-currency wallets in dollars, euros, and naira, virtual USD cards, foreign exchange conversion, bill payments, and local payouts to more than 200 Nigerian banks.
According to the company, it served more than 150,000 users across over 30 countries and processed more than ₦10 billion ($7.2 million) in payments during its lifetime.
It added that it invested in building communities for freelancers and remote workers through initiatives such as the Global Talent Fellowship, GigConnect, and GigSocial. Gigbanc said it is now focused on completing acquisition discussions.
“While this chapter comes to a close, we remain deeply optimistic about the future of Africa’s digital economy and proud of the role Gigbanc played in shaping it,” Okundaye said.
Gigbanc joins a growing list of African startups that have shut down or sought alternative exits as funding becomes harder to secure. In May, Chimoney, a Nigerian-founded fintech that built cross-border payment infrastructure for businesses, ceased operations after its founder cited an inability to raise fresh capital. In March, FoodCourt, a Y Combinator-backed Nigerian cloud kitchen, paused operations after struggling to sustain its business model.
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I am the CEO of 9JAGISTLAND.My name is Adedeji Timothy and my co-owner is Oyekola Damilare.This blog is born out of our passion to educating to people in all aspect of internet life.We are enthusiastic about writing posts and articles online.
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