Lazerpay

Blockchain payment gateway.

Epitaph

“Here lies Lazerpay. It let over three thousand businesses accept crypto and stablecoin payments across Africa. But the bear market froze its next round; layoffs came first, then the full stop, and merchants were told to withdraw their funds before the gateway closed.”

Overview

Born: 2021 (Year)
Died: April 2023 (Month)
Lifespan: 2 years
Fate: Shut down
Headquarters: 🇳🇬 Nigeria
Category: Crypto & Web3, Fintech
Stage at death: Seed
Primary cause: Funding or runway
Contributing causes: External shock

Death certificate

Timeline

2021Lazerpay founded
Emmanuel Njoku launches a crypto/stablecoin payment gateway for African businesses
November 2022Layoffs
company cuts staff amid funding struggles
13 April 2023Shutdown announced
CEO cites inability to close a funding round, IP offered for sale

Autopsy report

Why did Lazerpay shut down?

Lazerpay, a Nigerian crypto payment gateway founded in 2021, shut down on April 13, 2023 after failing to close a follow-on funding round amid a prolonged crypto bear market; it had already laid off staff in November 2022 as an early warning sign before fully closing and offering its IP for sale.

What Lazerpay attempted

Built a blockchain-based payment gateway enabling businesses to accept stablecoin and cryptocurrency payments (Bitcoin, Ethereum, Litecoin, etc.), targeting merchants across Africa.

What worked

Onboarded over 3,000 businesses and processed more than $1 million in transactions.

Early warning signs

Conducted layoffs in November 2022, roughly five months before the full shutdown.

What happened

After struggling through late 2022 and early 2023 to close a new funding round amid the crypto downturn, Lazerpay laid off staff in November 2022, then announced a full shutdown on April 13, 2023, telling merchants to withdraw funds by April 30, 2023 and putting its IP up for sale.

Lessons for future builders

A single funding round in a falling market is a countdown, and early layoffs are the alarm. Extend runway and reach revenue milestones that don't assume a friendly raise, and act on the warning signs before the reserve is gone.