Nigerian fintech startup, Chimoney, has successfully acquired Scrim App, a cutting-edge social payment platform catering to Gen Z, allowing users to effortlessly send payments through social handles and direct messages (DMs). The undisclosed deal marks a significant development for both companies.
Scrim App was founded two years ago by the visionary Pleasant Balogun, who, at the age of 19, has already made waves in the fintech space. The app’s innovative approach caught the attention of Chimoney, leading to a collaboration that culminated in the acquisition.
“The idea behind the Scrim app is simply brilliant. I have collaborated with Pleasant and the Scrim team on several projects, including Scrims’ integration with Chimoney’s API and Wallets. It’s a no-brainer for us to acquire the Scrim App and help it grow,” stated Uchi Uchibeke, Chimoney CEO.
Post-acquisition, the Scrim App is set to undergo a relaunch in December 2023, boasting enhanced features powered by Chimoney’s robust API and Wallet as a Service (WaaS). This strategic move aims to leverage the strengths of both platforms, providing users with an even more seamless and versatile payment experience.
Scrim’s CEO, Pleasant Balogun, expressed enthusiasm about the partnership, saying, “Working with members of the Chimoney team has been fantastic. Together, we’re going to take Scrim to new heights.” The reimagined app is slated to include features such as earning opportunities, shopping with Scrim wallet balance, and global real-time payments.
Scrim users will enjoy increased flexibility in withdrawing funds, with options ranging from transferring to bank accounts in over 100 countries, converting to airtime, using Mobile Money wallets in 17 countries, obtaining gift cards valid in 210 countries, engaging in cryptocurrencies across seven blockchains, to making purchases on popular platforms like Amazon and Shopify.
Uchibeke emphasized, “The full integration of Scrim with Chimoney’s API promises greater stability and reliability for Scrim while maintaining the Scrim name and brand.” This acquisition signals a strategic alliance that holds promising prospects for the evolution of financial technology in the Nigerian market.
