Fara Ashiru Exits Gombo to Lead Engineering at UK Startup

Fara Ashiru, co-founder and former executive officer of Nigerian startup Gombo, has officially left the company to join a startup in the United Kingdom, where he will head the engineering department. His new role began in June 2025 following his departure from Gombo in May, marking the conclusion of a remarkable five-year journey.

In a recent press release shared with TechPoint Africa, Ashiru announced that Gombo had ceased operations, bringing an end to one of Africa’s pioneering open banking startups. “The company made the decision to complete its operations in May,” Ashiru stated. “It was an incredible journey; we built striking technology, worked with major brands across the continent, and helped pioneer open banking services in Africa.”

Reflecting on a Transformative Journey

Ashiru expressed pride in his team, stating, “I am grateful to the community, our customers, investors, and the team that supported us over the past five years. Working alongside some of the most intelligent and talented people has been a rewarding experience.”

From Frustration to Innovation

Co-founding Gombo in 2019, Ashiru and his partner David Peterside were motivated by firsthand experiences of fintech applications struggling to integrate effectively with Nigerian banks. With a background at prestigious firms like Canva, BMW, and JP Morgan, Ashiru aimed to provide a solution that allowed users to securely connect their bank accounts with third-party applications.

• Gombo quickly established itself as a pioneer in Africa’s open finance landscape, forging strategic partnerships with renowned financial institutions such as Renmoney, Branch, Bamboo, and Aiico Insurance. By early 2020, the usage of Gombo’s API surged by 175%, setting the stage for regional expansion.

Significant Backing and Growth

The startup received considerable early-stage funding, including $1 million in pre-seed financing from TLCOM Capital and a subsequent $3.5 million seed round led by Susa Ventures. Total disclosed funding exceeded $16.5 million, indicating additional fundraising beyond the seed rounds. Notably, Peterside left Gombo in 2022.

A Pan-African Vision for Open Banking

Gombo was part of a collective of Nigerian tech firms, including Nobus and Layer3, that offered cloud alternatives, effectively competing with global platforms like AWS and Microsoft Azure. Under Ashiru’s guidance, Gombo not only functioned as a technology provider but also emerged as a foundational layer for developers creating next-generation digital financial services in Africa.

The company’s closure comes amid a broader market consolidation and strategic shifts within the African fintech ecosystem, influenced by increasing regulatory demands and investor caution that have reshaped startup trajectories across the continent.