Nigerian BNPL Startup Klump Shuts Down After Five Years
Nigerian buy-now-pay-later startup Klump has announced it is shutting down after five years of operations. The company provided instalment-payment services to merchants and customers, including users of major e-commerce platforms such as Jumia and Konga. Klump said it struggled to secure the debt funding needed to keep lending from its own balance sheet. It later shifted to a marketplace model that connected shoppers with banks and other lenders at checkout. According to the company, lengthy bank integration processes, lending restrictions, risk limits and difficulties raising capital slowed its growth. Klump said it raised about $1.2 million across two funding rounds and also explored acquisition offers before deciding to close. The startup thanked its investors, lending partners, merchants, customers and former staff, adding that access to credit remains a major unresolved challenge in Nigeria.
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