CapitalSage Vantage, the focused holding entity for CapitalSage Holdings’ cross-border payments and digital-asset wealth management businesses, has acquired Chi Technologies Incorporated (Chimoney), subject to customary closing conditions, including applicable regulatory approvals.
This comes a few weeks after the founder of Chimoney, Mr Uchi Nick Uchibeke, announced that the Toronto-headquartered payments infrastructure provider was winding down.
The acquisition of the company will enable CapitalSage Vantage to expand its international payments infrastructure, strengthen its regulatory footprint and enhance its ability to support cross-border financial services for consumers, businesses and developers operating across multiple markets.
CapitalSage Vantage has the ambition to build one of the most globally connected African-rooted financial ecosystems, bringing together payments infrastructure, remittance capabilities, digital wealth platforms and financial connectivity across Africa, North America, Europe and the Middle East. This transaction will accelerate hitting this goal.
Chimoney’s platform powers multi-currency wallets, global payouts, developer APIs and digital identity capabilities. Following completion of the transaction, Chimoney will continue to operate and grow within the CapitalSage Vantage ecosystem, with existing customers, developers and partners continuing to access its services.
“Chimoney is continuing its journey with greater scale and institutional backing. The technology, team, products and customer relationships that made Chimoney a trusted platform remain firmly in place. What changes is our ability to accelerate growth, expand into new markets and create greater value through the broader CapitalSage Vantage ecosystem,” Mr Uchibeke stated.
“This acquisition creates the foundation for a new generation of financial services platforms designed to serve Africans globally, connecting diaspora users with families, businesses and opportunities across the continent through a more integrated financial ecosystem,” the chief executive of CapitalSage Vantage, Mr Abiola Bawuah, commented.
CapitalSage Vantage’s growing portfolio includes international payments, remittance and digital wealth management businesses, with operations and strategic relationships spanning Canada, the United States, the United Kingdom, the United Arab Emirates and multiple African markets.
The transaction is expected to accelerate innovation across cross-border payments, embedded finance, business payments, digital commerce and financial infrastructure, while reinforcing Africa’s growing role in shaping globally relevant financial technology.