Fintech Chimoney to be acquired four weeks after announcing shutdown

Key Takeaways

Chimoney, a cross-border payment infrastructure startup, is being acquired by CapitalSage Vantage Limited, a subsidiary of CapitalSage Holdings.
The acquisition comes just four weeks after Chimoney announced its shutdown due to insufficient capital.
The deal represents an unexpected turnaround for Chimoney and provides CapitalSage with an entry into the Canadian payments market.
Chimoney's founder, Uchi Uchibeke, highlighted that preserving the company's Money Services Business (MSB) registration and Payment Service Provider (PSP) license was crucial for the deal.
Uchibeke will remain involved for six months to lead the transition and will then focus on a separate AI product, APort.