From Shutdown to Acquisition: Chimoney Signs Deal With CapitalSage Weeks After Announcing Wind-Down

Chimoney, a Nigerian fintech startup that built a unified API for cross-border payments across 41 currencies, has secured an acquisition agreement that will see the fintech become CapitalSage Holdings’ first payment entity in Canada.

The acquisition comes four weeks after Chimoney shut down operations due to challenges with distribution and customer acquisition for its platform.

The company’s CEO, Uchi Uchibeke, stated that Chimoney raised less than $1 million over its lifetime, which proved insufficient for a fintech operating across multiple jurisdictions, given high regulatory and audit costs.

As revenue remained flat and additional funding options did not materialize, the company explored strategic alternatives, but none were viable under acceptable terms. This ultimately led to the decision to wind down the business rather than continue under financial uncertainty.

Announcing the recent acquisition, he wrote on X,

“Four weeks ago I posted that Chimoney was winding down. Today, we signed an agreement to be acquired. CapitalSage Vantage Limited, an operating entity within the CapitalSage Holdings group, has agreed in principle to acquire Chi Technologies Inc.”

CapitalSage operates across Nigeria, Kenya, The Gambia, the United Arab Emirates, and the United Kingdom, and views the acquisition as a strategic entry point into the Canadian payments market.

The deal was signed in Toronto this week after CapitalSage executives traveled to Canada to finalize the agreement.

The group is led by Abiola Bawuah, former CEO of United Bank for Africa’s operations across 19 African countries, while founder John Alamu built CapitalSage from an initial capital of N100,000 in 2014 into a multinational conglomerate with operations spanning three continents.

The acquisition comes after what appeared to be the end of Chimoney’s journey. Rather than quietly closing operations, Chimoney returned all customer funds, published migration guides for users, and preserved its regulatory licenses.

The transparency surrounding the process attracted widespread media coverage, with more than a dozen publications reporting on the company’s shutdown. That coverage ultimately caught the attention of CapitalSage.

According to Nwosu, the company never formally pitched the acquisition opportunity. Instead, CapitalSage approached Chimoney after reading reports about the wind-down and the manner in which the company handled its closure.

The agreement was signed at Toronto’s OneEleven Innovation Hub. In addition, CapitalSage and Chimoney hosted a private dinner attended by business and financial services leaders to mark CapitalSage’s planned expansion into Canada.

Under the terms of the transaction, all Chimoney investors will be repaid in full upon closing. Team members who contributed to building the platform including engineers, designers, and operations staff will also participate in the transaction proceeds. Nwosu will remain with the company for six months to oversee the transition process.

The acquisition is expected to close in phases as the company completes regulatory requirements under Canada’s Retail Payment Activities Act.

Reflecting on the journey, Nwosu highlighted three key lessons. He wrote,

First, how you wind down is how you get acquired. I did not plan for this. I wrote the wind-down post because it was the right thing to do. The integrity of that process is what brought CapitalSage to the table. Mrs. Bawuah told me that the way I handled the shutdown told them everything they needed to know.

Second, regulatory assets compound. I preserved the PSP and MSB. Many people told me to let them lapse. Those licenses are why this deal happened.

Third, your shutdown coverage is your pitch deck. I did not pitch CapitalSage. They found me through the articles. Control your narrative and the right people will find you.

The entrepreneur expressed gratitude to CapitalSage’s leadership, advisors, investors, clients, employees, and supporters who stood by the company throughout its journey.

For Chimoney, what began as a carefully managed shutdown has evolved into a new chapter, one that demonstrates how transparency, accountability, and strategic asset preservation can transform an apparent ending into a fresh beginning.