Chimoney has announced that it is joining the CapitalSage Holdings after reaching an acquisition agreement through its subsidiary, CapitalSage Vantage Limited.
The deal will see Chimoney become CapitalSage’s first payment entity in Canada once the transaction is completed.
The announcement follows an earlier statement by Chimoney’s founder, Uchi Nick Uchibeke, who had indicated that the company was winding down operations. He explained that although the company had built strong payment infrastructure, it struggled with distribution and liquidity challenges. Shortly after the wind-down notice, CapitalSage reportedly approached the company to explore a potential acquisition.
Under the agreement, all investors in Chimoney will be fully repaid once the deal closes, a condition described by the founder as non-negotiable. In addition, employees and contributors to the platform will participate in the transaction proceeds, ensuring that the team behind the product is also rewarded for their work. The Chimoney platform itself is expected to continue operating and expand under new ownership.
The acquisition will be completed in phases to comply with regulatory requirements under Canada’s Retail Payment Activities Act and related Bank of Canada registration processes. The transition is expected to involve re-registration and formal compliance steps before final closure.
Abiola Bawuah, Group CEO of CapitalSage, and founder John A. Alamu were present for the signing ceremony held in Toronto at OneEleven Innovation Hub. The agreement marks CapitalSage’s planned expansion into Canada, while Chimoney’s leadership will oversee the transition and relaunch of the platform under the new structure.
