Techstars backs Chimoney to Revolutionize Global Payouts
Chimoney News
Community Building

Techstars backs Chimoney to Revolutionize Global Payouts

Uchi Uchibeke

From the bustling streets of Nigeria to the heart of Canada's tech hubs, here's how Chimoney is set to change the financial world, backed by Techstars. 🚀🌟

I am excited to share that we're now backed by Techstars, one of the world's most renowned startup accelerators!

But how did we get here? What are we doing right now? And where are we doing?

At the heart of every invention lies a story, often deeply personal and rooted in real-world challenges. My journey with Chimoney is no different. When I first conceived the idea of Chimoney, it was more than just another fintech venture. It was a vision - a dream to connect every payment network globally, ensuring seamless fund flow to anyone, anywhere, regardless of currency, country, or financial status. Today, as I sit down to write about this significant milestone in Chimoney's journey, I'm overwhelmed with a whirlwind of emotions, gratitude and excitement, and memories.


From Nigeria to Canada: A Dream, A Struggle

My journey into the world of fintech was not just a mere business endeavor. It was personal. Growing up in Nigeria, I've seen the challenges people face when making cross-border transactions or simply trying to get paid for their hard work. The barriers, the delays, the fees - it seemed so unnecessarily complicated.

Moving from Nigeria to the snowy landscapes of Canada was a decision fueled by dreams of a brighter future. The UofS promised a world of opportunities. But those dreams were soon clouded by the harsh realities of financial struggles, an outcome of government instability back home. Each day became a race against time, with the looming threat of unpaid tuition and a jeopardized student visa status and deportation.

Yet, amidst this chaos, the dream persisted. Through sheer determination and countless hours of hard work, I not only graduated but went on to contribute to tech giants like Shopify, RBC, and IBM Canada. Success in the corporate world, however, didn't mean the end of my journey; it was just the beginning. Today marks the beginnings of another new beginning for Chimoney!


The Birth of Chimoney

Inspired by the zeal to give back and create a community to connect ambitious Africans to tech opportunities globally, I founded AfricaHacks, a platform nurturing innovation and entrepreneurship among African youth. But an all too familiar challenge resurfaced. Paying winners spread across Africa and in 10 other nations became a painstaking task, echoing the financial challenges I faced years ago.

This obstacle, ironically, became the inception of Chimoney. A platform designed not just as a business but as a solution to a problem millions face daily.


What Sets Chimoney Apart

In a world teeming with fintechs, what sets Chimoney apart? What sets Chimoney apart is not just its audacious vision but also its proven capability. Our system is designed to manage high-volume payouts across countries, geographies, and payment networks, ensuring businesses can trust us for their most demanding payment needs. Our unwavering commitment to creating a platform free from regulatory risks. Imagine a world where businesses could send money globally using just an email or phone number. A world where recipients, irrespective of where they are, can access their funds seamlessly, cashing out through banks, mobile money, airtime, crypto and more.

The global payments ecosystem is vast, with trillions flowing cross-border annually. As businesses expand their horizons and remote work embeds itself in our culture, the quest for straightforward, secure global payouts is more relevant than ever. Chimoney taps into this immense potential, offering a solution that's both innovative and intuitive.

Yet, every innovation comes with its set of challenges. In the fintech world, it's the intricate labyrinth of regulations and the ever-present foreign exchange risks. But, Chimoney turned these challenges into opportunities. By forging alliances with local entities globally, we ensure adherence to regional regulations, simultaneously leveraging local expertise to mitigate foreign exchange risks. This local-global approach ensures our users experience unparalleled convenience without the usual hassles.

Our vision goes beyond just transactions; we aim to seamlessly facilite the flow of funds, ensuring businesses can trust us as the ONE PLATFORM with their high-volume payout needs across all countries, geographies and payment networks with security, and compliance priortized.

Today, Chimoney’s solutions are tailored for:

  • Global businesses trying to remunerate remote teams, contractors, affilaites and community members.
  • Reward platforms aiming to simplify payouts and reward redemption.
  • Gig economy platforms trying to streamline payments.
  • And any business that values the power of truly global transactions.

With the global payouts market expanding rapidly, Chimoney offers an unmatched solution that promises not just social impact but a robust business model.

Are you a business looking to simplify your global payouts? Discover how Chimoney can revolutionize your payment processes.

Chimoney - Homepageimage_.png


How Chimoney works

With Chimoney, anyone can send bulk payouts to emails or phone numbers with just a few clicks. There's no need to collect complicated bank details. Whether you need to pay one person or a million people, we've got you covered.

The process is essentially the same, and our users can send bulk payments to a global audience, saving them a lot of time and headaches. Efficiency is at the core of what we do. We're here to streamline the process, eliminate the hurdles, and make financial transactions a breeze.

In a world where traditional banking systems can be slow, expensive, and exclusionary, Chimoney offers a refreshing alternative.

We also provide other fintechs with access to our Chimoney APIs, giving them a chance to scale without breaking the bank and supercharge their growth to effectively serve their markets. Our support for these startups allows them to access Chimoney’s partner perks and discounts, send global payouts, convert payments from multiple currencies, and cash out to bank accounts, mobile money, 300+ gift cards, and airtime in 15 currencies while earning profit – all this with our 24/7 dedicated support.

At Chimoney, we believe that by uplifting others, we have a greater chance to achieve our mission of unlocking economic opportunity for everyone.


Chimoney x Techstars: A Match Made in Startup Heaven

Our alignment with Techstars is a testament to our vision and the potential they see in Chimoney. Techstars is renowned for nurturing startups, providing mentorship, investment, and resources that propel startups to new heights of success. The program aligns seamlessly with our vision of simplifying global payments and fostering financial and economic empowerment.

As we embark on this new chapter, our commitment remains unwavering: to revolutionize global payouts, making them as simple as sending an email.

Our acceptance into Techstars Toronto is a validation of our vision and the impact we're making. We're excited to work with Techstars to accelerate our growth and further our mission of financial inclusion.


Why Techstars?

Techstars, with its proven track record of nurturing startups into industry-leading giants, resonated with our mission. Their faith in our vision is not just about funds; it's a testament to the potential they see in us. It's about collaboration, growth, and pioneering innovations. When you think of top companies emerging from accelerators, Techstars always makes the list, often debated alongside names like Y Combinator.

Uchi Uchibeke, Sunil Sharma at IDEA.jpeg Vinay Paramanand, City of Mississauga, Ontario, Sunil Sharma, Managing Director, Techstars Toronto with Uchi Uchibeke, CEO, Chimoney


A Personal Note from Uchi

As I reflect on this significant milestone, I'm reminded of the African Proverb quote “If you want to go fast, go alone, if you want to go far, go together”. This journey, from conceptualizing Chimoney to now partnering with Techstars, has been filled with challenges and triumphs. But the consistent thread through it all has been the unwavering support from our users, our team, and believers in our vision. And we are constantly looking to collaborate and form strategic partnerships that align with our mission and propel us to new heights.

To our potential partners and clients, I invite you to experience the Chimoney difference. Let's redefine global payouts together.

And to our users, partners, and every individual who's been a cornerstone in our journey, a heartfelt thank you. The future of global payouts is here, and together, we're writing its story!


The Road Ahead

At Chimoney, we believe in a world without financial borders. With Techstars by our side, we're gearing up for rapid growth and innovation. We'll be diving deeper into research, refining our offerings, and expanding our reach. For our B2B clients, this means even more robust, reliable, and efficient global payout solutions. It's about ensuring that no matter where your team or clients are, Chimoney has got you covered.

We are also actively exploring strategic collaborations to accelerate our trajectory and make global payouts even more accessible.


Connect with Chimoney?

Experience the future of payments - Book a demo Now!

Last edited on:
Share Post

Check out these other posts

Chimoney Partners with ISIC to Expand Global Benefits for Chimoney App Users

Chimoney News
Community Building