CapitalSage Vantage Restricted, a subsidiary of CapitalSage Holdings, has finished its acquisition of Chimoney, the Nigerian-founded bills startup that announced its shutdown in May after operating out of capital to maintain operations, Uchi Uchebeke, Chimoney’s founder, informed TechCabal.
The all-cash acquisition ends 5 months of uncertainty for the Techstars-backed startup, which had suspended transactions, begun refunding buyer balances, and confronted the potential for an everlasting shutdown.
“CapitalSage Vantage Restricted has received Chi Applied sciences Inc., the corporate in the back of Chimoney,” Uchibeke mentioned in a observation. “Each investor has been repaid in complete, and the crew has won its transaction proceeds. Thanks to Abiola Bawuah [group chief executive officer, CapitalSage Holdings] and John Alamu [founder and group managing director, CapitalSage Holdings] for finishing the purchase and taking the enterprise ahead.”
In overall, 31 folks and companies won bills from the deal, in keeping with Uchibeke. The corporate didn’t expose the deal worth.
The transaction completes an surprising turnaround for the Techstars-backed startup, which knowledgeable shoppers in Would possibly that it had stopped processing new transactions and integrations, mentioning inadequate capital. 4 weeks later, CapitalSage signed an agreement to acquire the business.
The deal brings Chimoney again into operation underneath CapitalSage, with its fee infrastructure accepting new shoppers and processing transactions. Its consumer-facing app has additionally been relaunched as Tiki, a remittance provider focused on shoppers in Canada and the UK.
On its website, CapitalSage lists each Chimoney and Tiki a number of the companies operated underneath its CapitalSage Vantage subsidiary, which the corporate says makes a speciality of development cross-border bills and different monetary services and products. Tiki will be offering remittance services and products, connecting shoppers in Canada and the United Kingdom to recipients in African markets, together with Nigeria and The Gambia.
A brand new segment for Chimoney
Below its new possession, Chimoney has resumed accepting shoppers and processing transactions. Its business-to-business (B2B) fee infrastructure will proceed providing utility programming interfaces (APIs) for cross-border collections, payouts, and multi-currency wallets.
“Chimoney supplies the purposes companies want on either side of a fee: gathering budget, managing balances, and paying recipients,” Uchibeke mentioned. “Its APIs permit builders to combine the ones purposes into different merchandise, whilst its enterprise platform helps direct use.”
The association offers CapitalSage get entry to to Chimoney’s Canadian bills infrastructure. It additionally permits the crowd to increase its cross-border remittance enterprise thru an present era platform.
On Would possibly 1, Chimoney knowledgeable shoppers that it had stopped processing new transactions and integrations, mentioning inadequate capital. The corporate additionally started refunding buyer balances, leaving companies that depended on its fee infrastructure with out choice suppliers.
The shutdown adopted years of suffering to develop its buyer base and lift enough investment, in spite of development an infrastructure platform that enabled companies to make bills throughout 41 currencies.
In June, four weeks after the shutdown announcement, CapitalSage signed an settlement to obtain the enterprise, providing Chimoney a course again into operation. The purchase used to be structured in levels to house Canadian regulatory necessities governing adjustments in possession of fee provider suppliers.
Uchibeke informed TechCabal in July that Chimoney’s largest demanding situations have been buyer acquisition and the liquidity required to maintain fee operations throughout more than one currencies.
“The largest factor used to be distribution, but additionally associated with this is liquidity. We constructed a platform to orchestrate more than one fee strategies. And to make that occur, we wish to care for flow throughout more than one areas and currencies,” he mentioned.
Uchibeke mentioned Chimoney would have wanted about $3 million in more capital to reach its enlargement ambitions. Income from present shoppers used to be inadequate to maintain the enterprise, and keeping up liquidity throughout a number of markets positioned additional power on its funds.
CapitalSage’s acquisition introduced get entry to to further liquidity and a longtime monetary services and products community. The crowd operates companies together with Kolomoni Microfinance Financial institution and has a presence in Nigeria, The Gambia, the UK, and different markets.
The deal offers CapitalSage a foothold in Canada’s bills marketplace thru Chimoney’s present infrastructure and regulatory registrations. Earlier than its shutdown, Chimoney, based in 2022, had secured registration as a fee provider supplier with the Financial institution of Canada and as a cash services and products enterprise with the Monetary Transactions and Studies Research Centre of Canada (FINTRAC), Canada’s monetary intelligence company.
In July, Uchibeke informed TechCabal that every one 5 contributors of Chimoney’s crew had won gives to stick after the purchase. In step with him, staff, together with former group of workers contributors—shareholders of Scrim, a social bills startup Chimoney acquired in 2023—would get advantages financially from the transaction.
Uchibeke, who stays eager about a six-month transition, is development APort, a separate startup creating authorisation infrastructure for AI brokers.
“I’m now development APort, whilst Chimoney strikes ahead underneath its new proprietor,” Uchibeke mentioned. “I’ve spent years development and running the ones methods. It’s the background I carry to the following downside.”
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