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šŸšØ Fintech Shutdown Alert: Woven Finance, Backed by Coronation Group, Ceases Operations šŸ›‘

šŸšØ Fintech Shutdown Alert: Woven Finance, Backed by Coronation Group, Ceases Operations šŸ›‘

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In a surprising move, Woven Finance, a licensed fintech backed by Coronation Group, announces its shutdown, citing market dynamics. The company, fully licensed by the Central Bank of Nigeria, will transfer its services to Hydrogen, a fintech under Access Bank's umbrella, in a bid to navigate the evolving fintech landscape.

Woven Finance, a fintech startup licensed by the Central Bank of Nigeria and backed by Coronation Group, is discontinuing its services. The company, founded in 2020, provided a virtual account for business owners, streamlining payment collections. It will transfer its operations to Hydrogen, owned by Access Bank, with hopes to compete in the dynamic fintech market, especially against rivals like GTCOā€™s Squad. The decision comes amidst increasing competition in the fintech sector from established players, prompting the strategic move. šŸŒšŸ’¼šŸš€


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