5 Months After Sika Finish, Chimoney Don Get New Owner! 🚀

Chimoney Bounce Back! CapitalSage Don Buy Am 5 Months After Dem Shut Down 🚀

Five months after dem announce say sika (money) don finish to run the business, Nigerian-founded payment startup Chimoney don get second life. CapitalSage Vantage Limited (wey be subsidiary of CapitalSage Holdings) don fully acquire dem in an all-cash deal.

Founder Uchi Uchebeke confirm the good news, saying all 31 investors and firms don get their money back in full, and even staff members don collect their payouts.

How the turnaround happen and wetin be "Tiki"?
You go remember say around May, Chimoney tell customers say dem don stop processing transactions because liquidity no dey to maintain float across the 41 currencies dem dey support. E for be say dem need extra $3 million to survive. But just four weeks after that shutdown announcement, CapitalSage sign agreement to buy the business.

Now, Chimoney don fully resume operations! Their B2B API infrastructure don start to accept clients again. Dem also relaunch their consumer-facing app as Tiki—a remittance service wey go allow people send money from Canada and the UK straight to African countries like Naija and The Gambia.

Wetin CapitalSage gain from the deal?
CapitalSage (wey also operate Kolomoni Microfinance Bank) get the heavy liquidity wey Chimoney bin lack. In return, CapitalSage don secure automatic entry into Canada’s regulated payment market. Before Chimoney shut down, dem don already secure strong licenses as a payment service provider with the Bank of Canada and as a money services business with FINTRAC. Na this existing infrastructure CapitalSage just plug into.

Wetin be next for the founder and staff?
Uchi confirm say all five members of Chimoney’s team get offer to stay with the new owners, and even former staff members benefit financially from the deal.

As for Uchi himself, e go hang around for a six-month transition period, but e don already move on to build his next startup called APort, which dey focus on authorization infrastructure for AI agents.

Sometimes, a shutdown no be the end—e fit just be the beginning of a better deal! 💼🔥