Unexpected Turnaround: Fintech Chimoney Acquired by CapitalSage

In a surprising development, cross-border payments startup Chimoney is set to be acquired by CapitalSage Vantage Limited, just weeks after announcing its shutdown. The acquisition marks an unexpected turnaround for the Canada-based fintech that struggled to scale despite building infrastructure for businesses to send payments in 41 currencies across Africa, North America, and Latin America.

The deal was announced on X (formerly Twitter) by Chimoney founder Uchi Uchibeke, who noted that both companies had signed an agreement in principle. If finalized, Chimoney will become CapitalSage’s first payments entity in Canada, expanding its footprint beyond Nigeria, Kenya, the Gambia, UAE, and UK.

From Shutdown to Acquisition

The acquisition comes after a challenging period for Chimoney. In May, Uchibeke announced the company would shut down due to insufficient capital, noting that it had raised less than $1 million despite developing a viable product. At the time, revenue had stalled and customer acquisition proved difficult.

Uchibeke highlighted how this unexpected turn of events validates his decision to preserve certain assets during the shutdown. “I preserved the PSP and MSB licenses,” he explained. “Many people told me to let them lapse. Those licenses are why this deal happened.”

Strategic Implications for CapitalSage

The acquisition provides CapitalSage with immediate access to Canada’s payments market, bypassing the need to build regulatory infrastructure from scratch. For Chimoney’s investors and employees, the deal offers a positive outcome as they will be repaid and compensated through the transaction.

Uchibeke himself will remain involved for six months to facilitate the transition before focusing on APort, a separate AI product he is developing.

The acquisition demonstrates that even in challenging circumstances, fintech companies can create value and provide returns for stakeholders. It also highlights the growing interest from established players in acquiring promising but struggling startups with valuable assets or market positions.