CapitalSage closes Chimoney and relaunches Tiki

CapitalSage Vantage Limited has completed its acquisition of Chimoney, closing a deal that was first announced in May after the Nigerian-founded payments startup said it had run out of capital to sustain operations. TechCabal reported on October 9, 2026 that the acquisition had completed, while a BusinessDay report on the closing said it also triggered payouts to investors and team members.

The transaction put Chimoney back into operation under CapitalSage. TechCabal reported that Chimoney’s payment infrastructure had resumed accepting new clients and processing transactions, while its consumer-facing app was relaunched as Tiki, a remittance service aimed at customers in Canada and the United Kingdom. The B2B product will continue to offer APIs for cross-border collections, payouts and multi-currency wallets.

What exactly did CapitalSage buy?

Founder Uchi Uchibeke told TechCabal that CapitalSage Vantage acquired Chi Technologies Inc., the company behind Chimoney. TechCabal reported the deal was an all-cash acquisition, though the company did not disclose the value. Uchibeke said every investor was repaid in full and the team received transaction proceeds. He also said 31 individuals and firms received payments from the transaction, a figure BusinessDay also reported.

The acquisition was structured in phases to meet Canadian regulatory requirements for ownership changes at payment service providers. BusinessDay reported that the agreement was signed in Toronto at the OneEleven Innovation Hub in June, with CapitalSage executives Abiola Bawuah and John Alamu traveling for the signing ceremony. A private dinner followed to mark CapitalSage’s entry into Canada.

Why did Chimoney shut down in the first place?

Chimoney had suspended transactions before the sale closed. TechCabal reported that the startup told customers on May 1 that it had stopped processing new transactions and integrations because of insufficient capital, and that it had started refunding customer balances before the acquisition closed. Uchibeke said the core issue was distribution and the need to maintain float across multiple regions and currencies.

He also told TechCabal that Chimoney would have needed about $3 million in additional capital to reach its growth ambitions, and that revenue from existing clients was not enough to sustain the company. TechCabal said the shutdown left businesses using Chimoney’s infrastructure without alternative providers.

Founded in 2022, Chimoney had built payment infrastructure that allowed businesses to pay across 41 currencies. Before shutting down, it held Canadian registrations with the Bank of Canada and FINTRAC. BusinessDay reported that the proposed transaction included full repayment of investors, participation by the team in deal proceeds and continued operation of the platform under CapitalSage.

What happens next for Chimoney and Tiki?

TechCabal reported that Chimoney’s B2B product will continue supporting APIs for cross-border collections, payouts and multi-currency wallets, while Tiki will connect senders in Canada and the UK to recipients in African markets including Nigeria and The Gambia. CapitalSage’s website lists both Chimoney and Tiki under its CapitalSage Vantage subsidiary.

Uchibeke said he remains involved for a six-month transition while building APort. In June, BusinessDay reported that Uchibeke was expected to lead the transition, including relaunch efforts, client re-engagement and activation of the US corridor. TechCabal reported that the deal gives CapitalSage an existing remittance and payments platform; the group also operates Kolomoni Microfinance Bank and has a presence in Nigeria, The Gambia, the UK and other markets.

BusinessDay also reported that former Scrim staff who held shares would benefit financially from the transaction. TechCabal reported the closing returned Chimoney’s infrastructure to operation under CapitalSage, while TechCabal and BusinessDay reported payouts to investors and team members; TechCabal also said former Scrim staff who held shares would benefit.