“Transfer Your Files”: Flutterwave Announces Date to Shut Down Its Creator Platform Disha

“Transfer Your Files”: Flutterwave Announces Date to Shut Down Its Creator Platform Disha

  • Disha, a creator platform acquired by Flutterwave in 2021, is set to shut down 'temporarily' in March
  • The company explained that the decision was necessary to reevaluate its objectives and realign its vision
  • Although it said the closure was temporary, the company did not comment on its coming back in future

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

With effect from March 31, 2024, Disha, a platform for creators that Flutterwave acquired in 2021, would be temporarily shut down.

The platform allows digital creators to curate, sell digital content, create portfolios and receive payments from their audience globally.

Flutterwave Announces Date to Shut Down Its Creator Platform Disha
Disha said the decision was necessary to reevaluate its objectives and realign its vision. Photo Credit: Fllutterwave
Source: UGC

The company explained that the decision was necessary to reevaluate its objectives and realign its vision to better serve the creative community.

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A precise reopening date has not been disclosed despite emphasis on the temporary nature of the closure.

It stated in a statement on X:

"Disha is taking a break for a leap forward and as part of this, we will be pausing Disha service on March 31s 2024.
"We find joy in providing you with tools that move your craft forward, and this pause is critical in helping us rethink our focus.
"Disha will be accessible to users with an account till March 31 to give you enough time to transfer your files. If there are more updates about Disha, you will be the first to know."

Deal signed in 2021

Flutterwave acquired Disha in an undisclosed deal in October 2021, just eight months after the platform earlier declared a planned shutdown.

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Disha said at the time of the acquisition that it had bootstrapped to more than 20,000 customers and was achieving a monthly growth rate of over 100%.

Since the agreement was reached amid the height of the worldwide non-fungible token (NFT) frenzy, Olugbengba Agboola, co-founder and CEO of Flutterwave, said that developers can also use the payment infrastructure to exchange their tokens.

But as time went on, the excitement over NFTs diminished.

It appears Flutterwave may have reached a point where, despite its early aspirations, the vision for Disha is no longer achievable, necessitating a reevaluation.

With the exception of a few recent product-related announcements, Disha has not been in the press much until its brief closure.

Flutterwave cleared of money laundering

Legit.ng earlier reported that a Kenyan High Court approved the Asset Recovery Agency's (ARA) request to dismiss its final legal action against Flutterwave, one of Nigeria's top fintech companies.

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This came after the court rejected the anti-money laundering agency's attempt to withdraw its second lawsuit against the Nigerian fintech company in July 2023.

The ARA, an agency that investigates and recovers proceeds of crime, had frozen more than $3 million in August 2022 for Flutterwave, Hupesi Solutions, and Adguru Technology Limited due to allegations of money laundering and fraudulent conduct.

Source: Legit.ng

Authors:
Zainab Iwayemi avatar

Zainab Iwayemi (Business Editor) Zainab Iwayemi is a business journalist with over 5 years experience reporting activities in the stock market, tech, insurance, banking, and oil and gas sectors. She holds a Bachelor of Science (B.sc) degree in Sociology from the University of Ilorin, Kwara State. Before Legit.ng, she worked as a financial analyst at Nairametrics where she was rewarded for outstanding performance. She can be reached via zainab.iwayemi@corp.legit.ng

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