CapitalSage Acquires Chimoney Months After Shutdown

CapitalSage Vantage Limited, a subsidiary of CapitalSage Holdings, has completed its acquisition of Chimoney, a Nigerian-founded payments startup that suspended operations in May 2026 after running out of capital.

Chimoney founder Uchi Uchebeke confirmed the completion of the all-cash transaction, which follows an acquisition agreement signed by CapitalSage in June. The deal brings the startup's payment infrastructure under new ownership after months of uncertainty over its future.

“CapitalSage Vantage Limited has acquired Chi Technologies Inc., the company behind Chimoney,” Uchebeke said in a statement. “Every investor has been repaid in full, and the team has received its transaction proceeds.”

A total of 31 individuals and firms received payments from the transaction, according to Uchebeke. The parties did not disclose the acquisition value.

Chimoney had suspended new transactions and integrations in May, citing insufficient capital to sustain its operations. The company also began refunding customer balances, raising concerns about a permanent shutdown.

The acquisition has allowed the business to resume accepting clients and processing transactions. Its consumer-facing application has also relaunched as Tiki, a remittance service targeting customers in Canada and the United Kingdom who want to send money to recipients in African markets, including Nigeria and The Gambia.

CapitalSage lists Chimoney and Tiki under its CapitalSage Vantage subsidiary, which focuses on cross-border payments and other financial services.

Chimoney returns to the payments market

Under CapitalSage, Chimoney's business-to-business payment infrastructure will continue providing application programming interfaces (APIs) for cross-border collections, payouts and multi-currency wallets.

“Chimoney provides the functions businesses need on both sides of a payment: collecting funds, managing balances, and paying recipients,” Uchebeke said. “Its APIs allow developers to integrate those functions into other products, while its business platform supports direct use.”

The platform enables businesses to integrate payment functions into their own products or use Chimoney's services directly. Its return to operation gives CapitalSage an existing technology platform for expanding its cross-border payments services.

The acquisition also gives CapitalSage access to Chimoney's Canadian payments infrastructure and existing regulatory registrations, strengthening the group's ability to serve customers across markets.

Before suspending operations, Chimoney had built infrastructure that enabled businesses to make payments across 41 currencies. Founded in 2022, the startup had registered as a payment service provider with the Bank of Canada and as a money services business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

The acquisition was structured in phases to accommodate Canadian regulatory requirements governing changes in ownership of payment service providers.

Funding and liquidity challenges behind the shutdown

Chimoney's shutdown followed years of difficulty growing its customer base and raising enough capital to sustain its operations.

In May, the company announced that it would stop processing new transactions and integrations because it lacked sufficient capital. Businesses relying on its infrastructure were left needing alternative payment providers as the company began refunding customer balances.

Uchebeke later identified customer acquisition and liquidity management as two of the company's biggest challenges.

“The biggest issue was distribution, but also related to that is liquidity. We built a platform to orchestrate multiple payment methods. And to make that happen, we need to maintain float across multiple regions and currencies,” he said.

Chimoney needed approximately $3 million in additional capital to pursue its growth ambitions, according to Uchebeke. Revenue from existing clients was not enough to sustain the business, while maintaining liquidity across multiple currencies and markets placed further pressure on its finances.

CapitalSage's acquisition provides access to a larger financial services network and additional resources to support the platform's operations.

The group operates businesses including Kolomoni Microfinance Bank and has a presence in Nigeria, The Gambia, the United Kingdom and other markets. Through Chimoney, CapitalSage also gains a foothold in Canada's payments market.

Team and transition under new ownership

The acquisition also provides a financial outcome for Chimoney's investors and team members. Uchebeke said all investors had been repaid in full and the team had received its transaction proceeds.

In July, he said all five members of Chimoney's team had received offers to remain with the business following the acquisition. Former employees who held shares in Scrim, a social payments startup acquired by Chimoney in 2023, were also expected to benefit financially from the transaction.

Uchebeke remains involved in a six-month transition as Chimoney moves forward under CapitalSage's ownership.

He is also developing APort, a separate startup focused on authorisation infrastructure for AI agents.

“I am now building APort, while Chimoney moves forward under its new owner,” Uchebeke said. “I have spent years building and operating those systems. It is the background I bring to the next problem.”