Woven Finance Nigerian fintech startup Woven Finance plans to wrap up its services by the first quarter of 2024.
The company is set to transition its operations to Hydrogen, a fintech owned by Access Bank.
While Woven Finance hasn’t disclosed specific reasons for shutting down, there’s speculation that competition from established fintechs like Squad and Zest, as well as bank-led fintech Hydrogen, may have influenced the decision.
Founded in 2020 by Adedeji Olowe, Woven Finance aimed to simplify digital payments for businesses by offering virtual accounts for easy payment collection, along with solutions for settlement and reconciliation.
In 2022, the Central Bank of Nigeria granted the startup a full licence, specifically the Payment Solutions Service Provider (PSSP) licence.
This move could impact both users and competitors in Nigeria’s fintech market.
Woven Finance customers might need to adjust their payment processes with the shift to Hydrogen, while other competitors could seize the opportunity to strengthen their positions in the evolving landscape of Nigeria’s fintech industry.
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