Fintech start-up Bonto shuts down less than three years after launch

Money remittance start-up Bonto Kenya has closed operations less than three years after its launch, just eight months after securing a licence from the Central Bank of Kenya (CBK).

Founded in December 2022 by Cambridge and Harvard graduate Yoann Copreaux, the fintech exited the market, citing unsustainable foreign exchange margins.

“Breakeven scale became unrealistic, remittance fees were low to non-existent, and compliance requirements kept increasing,” Copreaux wrote on LinkedIn on Monday, adding that limited product options made it harder to compete.

The firm had explored selling its licence, approaching more than 50 fintechs and receiving five offers.

However, Copreaux said CBK approval timelines and ongoing monthly losses rendered the deals unviable.

“None made sense once you factor in CBK approval timelines and the monthly losses until transfer,” he wrote, adding, “Emotionally tough, but closing was the only rational decision by a wide margin.”

Bonto had not publicly disclosed how much investment it received to date. The start-up ceased processing transactions on August 15 before formally requesting licence revocation.

CBK Governor Kamau Thugge confirmed the move in a September 16 Kenya Gazette notice, stating the revocation took effect on September 11.

“It is notified for the information of the general public that pursuant to Regulation 44 (2) of the Money Remittance Regulations 2013, the Central Bank of Kenya has revoked the license of (Bonto Kenya Money Transfer Limited) with effect from 11th September, 2025,” Thugge said.

Copreaux is also the founder and CEO of Jenga, a Kenya-based start-up launched in 2018 that connects software developers with global tech firms, per his LinkedIn profile.