Woven Finance, the fintech startup founded by Trium, a venture group by Coronation Group, is discontinuing its service, according to an email shared with customers recently.
The fintech which was fully licensed by the Central Bank of Nigeria (CBN) in 2022, and has a Payment Solutions Service Provider (PSSP) license, will transfer its services to Hydrogen, a fintech company owned and run by Access Bank.
Also, becoming part of Hydrogen will help Access Bank compete with GTCO’s fintech, Squad. Hydrogen is been led and managed by Kemi Okusanya, a former General Manager at Visa West Africa.
Following the email sent to its customers, it read: “After a thorough analysis of the current market dynamics and their impact on our business model, Woven Finance has resolved to cease its payment services operations in the first quarter of 2024.”
Woven Finance, which set out to “demystify digital payments,” was founded in 2020 by Adedeji Olowe. It sold itself to business owners by offering a virtual account with which they could collect payments, eliminating common problems like reconciliation and settlements.
Additionally, the Founder, Olowe, also ran Trium, the technology venture fund for the Coronation Group. The Coronation Group, which includes companies like Coronation Merchant Bank and Coronation Insurance (formerly WAPIC), became part of Access Bank after the acquisition of Intercontinental Bank.