A Kenyan buy-now-pay-later service that faced administration despite previous funding success.
10 African startups that shut down in 2025
Four startups across Nigeria and East Africa shut down or suspended operations in the first quarter of 2025. Fintech sector experienced the highest number of shutdowns, with eight out of ten closures occurring in Nigeria.
Inside the failed courtship between Kenya BNLP startup Lipa Later and Nigeria’s Klump
Klump was introduced to Lipa Later by an investor, leading to discussions about a potential acquisition. Lipa Later had recently raised $12 million and was looking to expand its operations across Africa.
TLcom reaches midpoint deployment in $5M TAPSI fund with key bet on TurnStay
TLcom Capital has deployed 50% of its $5M pre-seed fund, TAPSI. The firm backed South African travel payment platform TurnStay’s $2M seed round.
4 African startups that shutdown in Q1 2025
African tech startups secured $780 million in funding in the first half of 2024, a 57% decrease from 2023. 54gene, a Nigerian genomics company, and Sendy, a Kenyan logistics startup, shut down due to funding problems.
Lipa Later: A Cautionary Tale of Africa’s BNPL Tech Ecosystem as It Faces Administration
Lipa Later celebrated a $10 million funding round in late 2024, intended for expansion across Africa. The company entered administration on March 24, 2025, under the control of Joy Vipinchandra Bhatt.
