CapitalSage Vantage Limited, a subsidiary of CapitalSage Holdings, has signed an agreement to acquire Chi Technologies Inc. and its subsidiaries, marking an unexpected turnaround for fintech startup Chimoney just weeks after its co-founder and CEO announced plans to wind down operations.
The acquisition would give CapitalSage its first payments entity in Canada, expanding the multinational group’s footprint across the United Kingdom, the United Arab Emirates, Nigeria, Kenya, The Gambia and other markets.
The deal comes roughly four weeks after Chimoney publicly disclosed it was shutting down after struggling to resolve core challenges around distribution and liquidity despite building payments infrastructure.
“When I announced the wind-down in May, I was honest about what went wrong,” said Uchi Uchibeke, co-founder and CEO of Chimoney. “We built real infrastructure but never solved distribution or liquidity.”
According to the company, CapitalSage initiated discussions shortly after the shutdown announcement.
CapitalSage is led by executives with extensive financial services experience. Group CEO Abiola Bawuah previously spent more than 25 years in banking across Africa, including serving as chief executive for United Bank for Africa’s operations across 20 countries. Founder John A. Alamu started CapitalSage in 2014 as a microlending business with initial capital of N100,000 and has since grown it into a diversified group spanning fintech, agribusiness, manufacturing and healthcare across three continents.
Executives from CapitalSage traveled to Toronto this week to formalize the agreement, with the signing taking place at OneEleven Innovation Hub. The visit also included a private dinner with financial services executives, investors and community leaders ahead of the group’s planned expansion into Canada.
Financial terms of the transaction were not disclosed.
Under the agreement, Chimoney said all existing investors will be repaid in full upon closing, a condition the founder described as non-negotiable.
“Every person who believed in this company when it was just an idea will get their money back,” Uchibeke said. “How you close something matters as much as how you build it.”
Employees will also participate in transaction proceeds, recognizing contributions from teams that built and operated the platform.
Chimoney’s platform is expected to continue operating under CapitalSage ownership. Uchibeke will lead the transition, including relaunching the platform, re-engaging customers, activating U.S. payment corridors and handing over operations to the acquiring group.
The transaction will close in phases to comply with regulatory requirements, including re-registration under Canada’s Retail Payment Activities Act.
For founders in the fintech sector, the deal underscores how quickly trajectories can shift even after a public wind-down announcement. What began as the closure of a startup has evolved into an acquisition and a renewed operating path under a larger financial group.
“The next chapter starts now,” Uchibeke said.