Chimoney Gets a New Lease on Life After Capital Acquisition

In an unexpected turnaround, Nigerian-founded payments startup Chimoney has been acquired by CapitalSage Vantage Limited, a subsidiary of CapitalSage Holdings. This acquisition marks the end of five months of uncertainty for the Techstars-backed company that announced its shutdown in May after running out of capital.

From Shutdown to Rebound

Chimoney’s founder, Uchi Uchebeke, confirmed the all-cash acquisition, which ensures every investor has been repaid in full and employees have received their transaction proceeds. The deal brings Chimoney back into operation under CapitalSage with its payment infrastructure now accepting new clients and processing transactions.

New Direction: Remittances to Africa

The consumer-facing app has been relaunched as Tiki, a remittance service targeting customers in Canada and the United Kingdom who want to send money to African markets like Nigeria and The Gambia. This strategic pivot allows CapitalSage to expand its cross-border payments business through an existing technology platform.

What’s Next for Chimoney?

Under its new ownership, Chimoney will continue offering APIs for businesses seeking cross-border payment solutions while also operating as a direct B2B payment platform. The acquisition gives CapitalSage access to Chimoney’s Canadian payments infrastructure and strengthens its position in the growing remittance market.

Chimoney initially struggled with customer acquisition and liquidity challenges, requiring an estimated $3 million to achieve its growth ambitions. This acquisition provides the financial stability and network access needed for the company to thrive under new leadership.