Fincra
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Collect payments and send payouts across borders with one API
/Graveyard/Fluidcoins
Fluidcoins
Accept crypto payments and settle in local currency
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.
Your verdict
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Sources
- After failing to raise additional investment, Fluidcoins sells to Blockfinex, but investors remain divided over sale TechCabal · 16 February 2023
- UAE's Blockfinex acquires Nigerian crypto Fluidcoins The Punch · 16 February 2023
- Blockfinex buys Fluidcoins in 1st acquisition deal of Nigeria's crypto ecosystem Technext · 16 February 2023
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Global business accounts and African payouts in one place
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