Kenyan Fintech Raise Shuts Down, Migrates Users to Carta
Raise, a Nairobi-based fintech startup dedicated to streamlining equity management and fundraising for African companies, has officially announced its closure. After seven years of operation, the company is migrating its user base to Carta, a leading U.S.-based equity management platform. This development marks a significant shift for the startup, which had aimed to digitize critical financial processes within the burgeoning African tech ecosystem.
Raise’s Journey and Business Model Challenges
Founded in 2018 by Marvin Coleby, Tina Nyamache, and Eugene Mutai, Raise embarked on an ambitious mission: to simplify how African businesses managed their cap tables, issued equity, and conducted essential due diligence. Despite its innovative vision and seven years in the market, co-founder Marvin Coleby shared on LinkedIn that the company struggled to identify a scalable business model that harmonized with the nuances of the African venture capital landscape. Coleby elaborated on this challenge, stating, “Raise never quite found the right business model for venture. Private equity made the most sense, but doing that alone wouldn’t scale.” As part of this strategic shutdown, all of Raise’s existing paid users will be seamlessly transitioned to Carta’s comprehensive services. Furthermore, free users will have the option to migrate to Carta Launch, a specialized free tier designed to support early-stage companies with their equity management needs.
The closure of Raise underscores the unique hurdles faced by fintech startups operating in emerging markets, particularly when attempting to adapt global business models to local venture capital realities. While Raise’s journey ends, its commitment to providing robust equity management solutions continues through its partnership with Carta, ensuring that African companies can still access essential tools for growth and compliance. This transition highlights the evolving landscape of African fintech and the increasing integration of regional startups with established global platforms.
Keywords
Related Keywords: Raise fintech shutdown, Kenyan fintech Raise, Raise Carta user migration, Fintech Raise closure, Raise to Carta transfer, Carta Raise users, Kenyan startup shutdown, Fintech user migration, Raise company failure, African fintech news
