Nigerian fintech startup Thepeer, once hailed for its API enabling seamless wallet-to-wallet transfers, is back under scrutiny following fresh allegations from co-founder Sultan Akintunde. Over a year after the company’s abrupt shutdown in May 2024, Akintunde has reignited controversy with claims of financial mismanagement and missing funds that paint a more troubling picture than the “operational challenges” initially cited. His revelations suggest that the startup’s downfall stemmed from internal dysfunction and a lack of financial accountability rather than market or regulatory pressures.
From Innovation to Implosion
Founded to simplify digital wallet interoperability, Thepeer had secured investor confidence early on, raising over $1.2 million to scale its platform. However, the company abruptly ceased operations in mid-2024, returning only $357,000 to investors and offering little explanation. While initial reports hinted at strategic and operational hurdles, Akintunde’s recent statements suggest the closure was prompted by deeper issues within the leadership team, including poor governance and alleged misuse of funds.
Allegations of Fraud and Poor Financial Oversight
In a series of public posts, Akintunde claimed that Thepeer’s shutdown was “an attempt to cover up fraudulent activities and missing money.” He alleged that approximately $50,000 was spent on car purchases despite the company generating less than $1,000 in annual revenue. After leaving the company over “strategic misalignment,” Akintunde began investigating financial discrepancies and concluded that roughly $1.2 million had gone unaccounted for.
Leadership Exodus and Investor Fallout
Akintunde also accused Ononye and fellow co-founder Michael Okoh of relocating to the UK during the period of internal tension, leaving no one to manage Thepeer’s critical partnerships. The lack of leadership continuity, he argued, accelerated the company’s collapse since Thepeer’s model relied heavily on integration-based relationships with fintech partners. Despite the partial return of funds, investors reportedly continued to demand a formal audit to clarify the financial irregularities.
Broader Implications for Africa’s Startup Ecosystem
The Thepeer saga reflects a broader governance challenge across emerging markets, where rapid growth often outpaces the establishment of strong internal compliance systems. The African tech ecosystem, now attracting billions in venture capital annually, faces increasing pressure to improve governance standards to maintain investor confidence. Akintunde’s account also exposes a recurring issue—founder disputes and opaque financial management contributing to premature startup failures.
What began as Thepeer’s silent exit in 2024 has evolved into a case study on transparency and accountability in African tech. Akintunde’s allegations have not only reopened old wounds but also reignited critical discussions about how startups handle investor money and internal governance. Whether the missing funds will ever be fully accounted for remains uncertain, but Thepeer’s downfall stands as a warning for founders and investors alike: innovation without integrity is a fragile foundation.