CapitalSage Vantage Limited, a subsidiary of the multinational CapitalSage Holdings group, has agreed to acquire Chi Technologies Inc. and its subsidiaries, after the fintech wound down one month ago.
The deal marks a swift reversal for Chimoney, which was already going under after struggling with distribution and liquidity challenges despite building a solid payment infrastructure.
With the newly proposed merger, Chimoney will become CapitalSage’s first payment entity in Canada.
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CapitalSage Holdings operates across the United Kingdom, UAE, Nigeria, Kenya, The Gambia, and other markets, with businesses spanning fintech, agribusiness, manufacturing, and healthcare. The group was founded by John A. Alamu, who started it in 2014 as a microlending operation with N100,000 (roughly $60 at the time) and grew it into a cross-continent conglomerate.
Group CEO Abiola Bawuah brings more than 25 years of African banking experience, including as CEO of United Bank for Africa’s operations across 20 countries.
The parties signed the agreement this week in Toronto at the OneEleven Innovation Hub, with Bawuah and Alamu flying in for the ceremony.
A private dinner with business leaders, financial services executives, and community figures followed to signal CapitalSage’s entry into Canada.
Key terms of the transaction include full repayment to all Chimoney investors upon closing, a priority for Uchibeke and participation by the Chimoney team in the deal proceeds.
The platform will continue operating and expanding under CapitalSage, with Uchibeke leading the transition, including relaunch efforts, client re-engagement, and activation of the US corridor before handing over to the new owners.
The acquisition will close in phases to meet regulatory requirements, including Bank of Canada re-registration under the Retail Payment Activities Act.
“This transaction validates the underlying technology and infrastructure we built,” Uchi Uchibeke Chimoney’s founder said in his announcement.
He emphasized that how a company closes matters as much as how it is built.
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The deal highlights a growing trend of African-focused financial groups expanding into North America through acquisitions of distressed or early-stage fintech assets with compliant payment licenses and technology.
For CapitalSage, the move provides an immediate foothold in Canada’s payments market. For Chimoney’s stakeholders, it delivers a clean exit and continuity that a pure wind-down would not have provided.
Uchibeke thanked advisors, mentors, investors, clients, and his team, as well as his partner Jennifer, who invested in the company shortly after they began dating.
The next phase of growth for the Chimoney platform under CapitalSage is expected to begin after the phased regulatory closing.
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