Over the last few months, our team has struggled to keep up with the product development due to our full-time jobs, which made it challenging to sustain a bootstrapped, no-funded startup. Although we were able to launch an MVP beta version, we discovered weak points and potential improvements that we were working on for a stronger, better-structured, and newer version. Unfortunately, we were not able to maintain the development speed required to achieve our market goals.
This year, several similar services with funding support entered the market, which diminished our momentum, social media following, and community support. As a result, the volume of transactions and signups on the platform reduced to historical lows, with almost zero interest from the users.
Although I personally negotiated with several investors to raise $10M for funding, we were unable to close the deals. Meanwhile, I had to move from my home country, start from scratch in another nation, secure a full-time job, and establish myself there. The team also completely changed, with new partners joining, but we were unable to maintain the momentum required for a successful product.
There is much to say about TelePay's impact on the ecosystem, and how we inspired other new actors there, as I recently learned from some team members of those products. However, society values results over efforts, and we recognize that despite our best efforts, this was not the right time for us.
We appreciate the support from the community, supporters, friends, external partners, and everyone who contributed to the platform's development. We want to wish you all the best of luck in your present and future endeavors.
If you have funds in TelePay, please take immediate action and request a withdrawal of your funds. We will shut down the platform on May 29th, 2023, one month from now, to give everyone ample time to withdraw their funds.
To withdraw funds, please log into your TelePay account, get into all of your merchant and personal wallets, and request the withdraw using the button named for that. Please note that after the platform is closed, it will not be possible to claim your funds, so please act promptly.
We understand that this may cause inconvenience, and we want to make this process as smooth as possible for you. Please feel free to contact us at @TelePaySupport on Telegram if you have any questions or require further assistance.
Finally, we would like to take this opportunity to thank you for your support and contributions to TelePay. Your feedback has been invaluable, and we have learned so much from our journey with the platform. While we may not have achieved our goals, we are proud of what we accomplished, and we hope that our efforts have helped inspire innovation and progress in the industry.