Nigerian fintech Gigbanc winds down operations citing fundraising struggles, pursues acquisition
Gigbanc, a Nigerian fintech that built cross-border payment solutions for freelancers, creators, remote workers, and businesses, is winding down its operations after three years, citing a tough fundraising climate.
Although the startup did not disclose details of its fundraising efforts, it told TechCabal it is in acquisition talks with an undisclosed Nigerian fintech infrastructure provider. The company said customers have until July 31 to convert their balances to naira and withdraw non-fraudulent funds to local bank accounts for free.
The shutdown comes as raising venture capital has become difficult for early-stage startups. In the first half of 2026, African startups collectively raised $1.44 billion, a 1.4% increase from the previous year. Yet, only 146 disclosed funding deals were recorded for the period, down from 252 in H1 2025.
That pattern emerges when tracing fundraising activity in the ecosystem. Early-stage companies unable to raise fresh funding or reach profitability quickly enough either shut down or seek an acquirer as the next viable exit.
Originally published by TechCabal.