Woven Finance, the Coronation Group-backed fintech start-up, has actually rejected closing down, declaring that an e-mail sent out to consumers on Wednesday early morning notifying them of a shutdown was sent out in mistake.
“The e-mail was unauthorised and was instantly remembered,” a highly-placed individual at the business informed TechCabal.
“After a comprehensive analysis of the existing market characteristics and their effect on our service design, Woven Finance has actually dealt with to stop its payment services operations in the very first quarter of 2024,” part of the business’s Wednesday e-mail stated.
The business likewise rejected an essential information in the e-mail where it informed consumers that it would move its services to Hydrogen, a fintech owned by the Access Group. “There are no strategies to move any service,” the exact same source stated, maybe describing the Payment Solution Service Providers (PSSP) licence it got in 2022.
The fintech informed TechCabal that it would send out interaction clarifying the mistake which it continues to run up until investors and the business’s board choose otherwise.
Woven Finance is backed by Trium, the endeavor arm of the Coronation Group, that includes business like Coronation Merchant Bank and Coronation Insurance (previously WAPIC).
* This is an establishing story