Okra: Nigerian fintech startup which raised $16 million in funding shuts down after 5 years

Nigerian fintech company Okra has officially shut down operations, marking the end of a five-year journey that once positioned it as a key player in Africa‘s open banking revolution. The company, co-founded in 2019 by Fara Ashiru Jituboh and David Peterside, ceased operations in May 2025 after raising over $16 million in funding.

Okra was known for its promise to deliver “one API for all financial data,” enabling secure, real-time access to bank accounts and financial information for third-party apps. Its services were widely adopted in lending, digital banking, and remittance sectors. The company’s technology powered identity and income verification, transaction analysis, and financial authentication for clients such as Renmoney, Branch, Bamboo, and AIICO Insurance.

Despite early success and rapid growth, Okra’s operations were hindered by a combination of regulatory setbacks, economic pressure, and a costly strategic pivot. Nigeria‘s long-awaited open banking regulations are not expected to take effect until August 2025, which stalled adoption by banks and impacted Okra’s revenue potential.

The company also faced severe cost pressures following the devaluation of the naira in 2023 and 2024, which inflated dollar-denominated cloud infrastructure expenses. In response, Okra launched Nebula, a cloud services platform designed to reduce infrastructure costs. However, Nebula struggled to gain traction and was discontinued in May 2025, contributing to the company’s financial strain.

Okra operated in a highly competitive market alongside rivals like Mono, OnePipe, and Stitch. While Okra raised $16.5 million in total, competitors like Stitch secured as much as $52 million, enabling them to expand faster and more aggressively.

Fara Ashiru Jituboh, who served as CEO and CTO, confirmed the shutdown and has since taken on a new role as Head of Engineering at Kernel, a UK-based AI startup. In a statement, she said: “The company made the decision to wind down operations in May. It was an incredible journey; we built impactful technology, worked with some of the biggest brands across the continent, and helped pioneer open banking in Africa.”

Industry analysts say Okra’s closure reflects broader trends in Africa’s fintech ecosystem, including rising investor caution, regulatory delays, and the high costs of doing business. While some critics have raised concerns about the fate of investor funding, a source close to the company said Okra still has substantial capital and plans to return three years of runway to investors.