CapitalSage Vantage Limited, a subsidiary of CapitalSage Holdings, has completed its acquisition of Chimoney, the Nigerian-founded payments startup that announced its shutdown in May after running out of capital to sustain operations, Uchi Uchebeke, Chimoney’s founder, told TechCabal.
The all-cash acquisition ends five months of uncertainty for the Techstars-backed startup, which had suspended transactions, begun refunding customer balances, and faced the possibility of a permanent shutdown.
“CapitalSage Vantage Limited has acquired Chi Technologies Inc., the company behind Chimoney,” Uchibeke said in a statement. “Every investor has been repaid in full, and the team has received its transaction proceeds. Thank you to Abiola Bawuah [group chief executive officer, CapitalSage Holdings] and John Alamu [founder and group managing director, CapitalSage Holdings] for completing the acquisition and taking the business forward.”
In total, 31 individuals and firms received payments from the deal, according to Uchibeke. The company did not disclose the deal value.
Originally published by TechCabal.