Fluidcoins

Accept crypto payments and settle in local currency

🇳🇬 Nigeria Crypto & Web3Acquired and discontinued

Epitaph

“Here lies Fluidcoins. It built crypto payment rails for African businesses through Flip and Fluidshop, letting them hold stablecoins and accept payments. When the 2022 bear market froze follow-on funding, eighteen months of runway ran dry and the whole company transferred to Blockfinex to keep the lights on.”

Overview

Born: 2021 (Year)
Died: February 2023 (Month)
Lifespan: 2 years
Fate: Acquired and discontinued
Headquarters: 🇳🇬 Nigeria
Category: Crypto & Web3, Fintech
Stage at death: Pre-seed
Primary cause: Funding or runway
Contributing causes: External shock

Death certificate

Timeline

2021Fluidcoins founded
Lanre Adenowo launches a crypto payment infrastructure startup in Nigeria
2022Crypto bear market
company struggles to raise follow-on funding amid FTX collapse fallout
16 February 2023Acquired by Blockfinex
100% stake acquihire deal announced, investors divided over terms

Autopsy report

Why did Fluidcoins shut down?

Fluidcoins, a Nigerian crypto payment infrastructure startup, was acquired in a 100%-stake acquihire deal by UAE/Barbados-registered Blockfinex on February 16, 2023, after failing to raise follow-on funding beyond its initial $150K and running low on cash amid the 2022 crypto bear market.

What Fluidcoins attempted

Built crypto payment infrastructure for African businesses via two products: Flip, a crypto wallet offering stablecoin interest, and Fluidshop, an e-commerce plugin for accepting crypto payments.

What worked

Sustained about 18 months of operations on its $150K pre-seed round before running low on cash; the Flip and Fluidshop products launched and continued operating through the acquisition.

Early warning signs

Running low on cash after 18 months on only $150K raised, with follow-on funding unavailable amid the 2022 crypto bear market and FTX collapse fallout.

What happened

After raising only $150,000 pre-seed and running for about 18 months, Fluidcoins could not close a new funding round during the 2022 crypto downturn; on February 16, 2023 it sold 100% of the company to Blockfinex in what CEO Lanre Adenowo called "the logical next step to keep the lights on," an acquihire that kept the founding team intact, though some investors were reportedly divided over the sale terms.

Lessons for future builders

A pre-seed round sized for a calm market leaves no cushion when funding freezes mid-build. Raise enough to reach a revenue milestone that can survive a downturn, and open the bridge conversation while runway is measured in months, not weeks.