💔 The co-founders acknowledge the difficulty of the decision and emphasize acting in the best interest of investors and stakeholders.
🚫 Despite having a year of runway left, Cova opts to shut down, prioritizing the responsible use of funds over uncertain profitability.
💰 The wealthtech startup had raised at least $800,000, including investments from prominent angel investor Olumide Soyombo.
🌐 Cova aimed to be a "single source of truth" for users' assets globally.
💡 Challenges included the need for deeper integration and building trust around asset management in African countries.
🔄 This development reflects the broader landscape where fintech startups grapple with sustainability and user adoption challenges.
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