CapitalSage Vantage Limited has completed the acquisition of Nigerian-founded payments startup Chimoney, bringing an end to five months of operational uncertainty following the company's capital depletion. The transaction preserves Chimoney's underlying technology assets and regulatory infrastructure, providing a strategic foundation for renewed cross-border payment services across regional and international markets.
How It Started Founded by Uchi Uchibeke, Chimoney was established to simplify multi-currency payments, API-driven payouts, and cross-border financial transactions. The platform enabled businesses and individuals to transfer funds and redeem digital value across international borders.
Funding Challenges: In May 2026, Chimoney announced a complete wind-down of operations after exhausting available working capital.
Transaction Suspension: Operating activities were halted, and customer account refunds were initiated to safeguard user funds.
Regulatory Preservation: Despite the operational wind-down, the founder maintained the company's Payment Service Provider (PSP) and Money Services Business (MSB) licenses in Canada.
Now the Board The acquisition by CapitalSage Vantage Limited restructures Chimoney's corporate governance and capital stack. The wind-down announcement unexpectedly attracted strategic interest, turning the closure process into an acquisition opportunity.
Ownership Transfer: CapitalSage Vantage Limited assumes full operational control and ownership of Chi Technologies, Chimoney's parent entity.
Investor and Employee Settlement: Proceeds from the acquisition are allocated to repay Chimoney's original investors in full and provide payouts to employees.
Transition Oversight: Founder Uchi Uchibeke remains involved for a six-month transition period to oversee integration and platform relaunch efforts, which include plans for a remittance product named Tiki targeting Canada and the UK.
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Why It Matters The acquisition highlights the growing value of regulatory assets in the global fintech ecosystem. Maintaining active PSP and MSB licenses in Canada provided CapitalSage with a direct, compliant entrance into North American and European cross-border remittance corridors without navigating extended licensing processes. The transaction illustrates how transparent wind-down processes can preserve enterprise value and offer distressed technology startups a viable path forward through acquisition.
