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🔒 Nigerian Wealthtech Startup, Cova, Announces Shutdown Amidst Funding Challenges

🔒 Nigerian Wealthtech Startup, Cova, Announces Shutdown Amidst Funding Challenges

#business
#finance
#finance
#startup
📉 Cova, the Nigerian wealthtech platform, is set to cease operations on Feb. 10, 2024, citing funding challenges and a lack of traction in its two-year existence. Co-founders Olu'yomi Ojo and Yomi Osamiluyi express difficulty in the decision, assuring subscribers of refunds by Feb. 13. This closure brings attention to the complexities of navigating the fintech landscape in Nigeria.

💔 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.


#Nigeria #Fintech #StartupShutdown #Wealthtech #CovaShutdown


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