CapitalSage Acquires Chimoney, Relaunches as Tiki

In a significant development for the African fintech sector, CapitalSage Vantage Limited, a division of CapitalSage Holdings, has finalized the acquisition of Chimoney. This strategic move injects new life into the Nigerian-founded payments startup, which had ceased operations five months prior due to capital constraints. The transaction ensures all prior investors have been fully reimbursed and that the team has received its entitlements, marking a complete turnaround for the Techstars-backed entity.

The acquisition, structured as an all-cash deal, brings Chimoney back online, reactivating its payment infrastructure for new clients and transaction processing. Concurrently, its consumer-facing application has been rebranded as Tiki, a remittance service specifically designed to serve customers in Canada and the United Kingdom, facilitating transfers to various African markets, including Nigeria and The Gambia. This dual strategy leverages Chimoney's established technology and regulatory presence in Canada with a renewed focus on cross-border financial services.

Chimoney, originally founded in 2022, faced significant hurdles in scaling its customer base and securing the necessary liquidity to support its ambitious multi-currency payment orchestration platform. The company's founder, Uchi Uchibeke, noted that an estimated $3 million in additional capital was required to meet growth objectives. The cessation of operations in May left businesses reliant on its cross-border collection, payout, and multi-currency wallet APIs without service, highlighting the critical need for stable financial infrastructure in the region.

The acquisition by CapitalSage provides not only the essential capital infusion but also access to an extensive financial services network. CapitalSage Holdings, which includes entities like Kolomoni Microfinance Bank, operates across Nigeria, The Gambia, and the UK, offering a robust platform for expansion. This deal strategically grants CapitalSage a valuable entry point into the Canadian payments market, utilizing Chimoney's existing infrastructure and regulatory approvals, including its registration as a payment service provider with the Bank of Canada and a money services business with FINTRAC.

The relaunch under the Tiki brand signifies a focused approach to the lucrative remittance corridor between Canada/UK and Africa. The global remittance market is substantial, with significant flows into Africa driven by diaspora populations. By utilizing Chimoney's technological backbone, Tiki is positioned to offer competitive and efficient cross-border money transfer services. This move aligns with broader fintech trends emphasizing specialized, cross-border payment solutions tailored to specific market needs and user demographics.

Uchi Uchibeke, who is involved in a six-month transition period, is already embarking on a new venture, APort, focused on authorization infrastructure for AI agents. The successful integration and relaunch of Chimoney under CapitalSage's stewardship, alongside the introduction of Tiki, underscores the resilience and adaptive potential within the African fintech ecosystem, even in the face of operational challenges.