CapitalSage Vantage Limited, a subsidiary of CapitalSage Holdings, has completed its acquisition of Chi Technologies Inc., the company behind cross-border payments startup Chimoney, founder Uchi Uchibeke told TechCabal on October 9, 2026. The two sides had signed the agreement in June, about four weeks after Chimoney told customers it was shutting down.
The deal was paid in cash. Neither side disclosed the price. Uchibeke said every investor had been repaid in full and that the team had received its share of the proceeds; in total, 31 individuals and firms received payments from the sale, according to him.
Under CapitalSage, Chimoney is accepting new clients and processing transactions again. Its consumer app has been relaunched as Tiki, a remittance service for people in Canada and the United Kingdom sending money to African countries including Nigeria and The Gambia.
From shutdown to sale
On May 1, 2026, Chimoney informed customers that it had stopped processing new transactions and integrations because it did not have enough capital, and began refunding customer balances. Uchibeke said the startup had failed to scale distribution and customer acquisition, and that revenue from existing clients was not enough to keep it running.
He later told TechCabal that liquidity was a second problem tied to the first. Running a platform that moved money through many payment methods meant keeping float in several regions and currencies, and he estimated Chimoney would have needed about $3 million in additional capital to reach its goals.
CapitalSage approached the company soon after the shutdown notice. The agreement was signed in Toronto in June at the OneEleven innovation hub, with CapitalSage group CEO Abiola Bawuah and founder John Alamu attending. Because Chimoney is a regulated payments business in Canada, the deal was completed in phases to meet the requirements of Canada's Retail Payment Activities Act and the Bank of Canada's registration process for changes in ownership.
“CapitalSage Vantage Limited has acquired Chi Technologies Inc., the company behind Chimoney. Every investor has been repaid in full, and the team has received its transaction proceeds.”
What Chimoney built
Uchibeke, a Nigerian founder, started Chimoney in 2022 and registered it in Canada. The platform let businesses pay freelancers, contractors and vendors in 41 currencies across Africa, North America and Latin America through a single API, using bank transfers, mobile money, airtime, gift cards and stablecoin off-ramps. In 2023 it bought Scrim, a social payments app.
Before the shutdown it had registered as a payment service provider with the Bank of Canada and as a money services business with FINTRAC, Canada's financial intelligence agency. Those registrations are a large part of what CapitalSage bought.
The startup was small. It went through the Techstars Toronto accelerator in 2023, and Uchibeke said in May that it had raised less than $1 million in total. Its team had five members, all of whom received offers to stay after the acquisition. Former Scrim shareholders who later joined Chimoney also shared in the proceeds.
Why CapitalSage is buying
CapitalSage Holdings is a Nigerian group best known for its Kolomoni financial products, including Kolomoni Microfinance Bank, and it operates in Nigeria, The Gambia, the United Kingdom and other markets. It raised ₦2.2 billion (about $4 million at the time) in debt in 2021. The group also has consumer goods businesses under the John Vents Cocoa Products brand.
Chimoney is CapitalSage's first payments company in Canada. The purchase gives it registered Canadian payments infrastructure and an existing technology platform for remittances between Canada and Africa, instead of building and licensing one from scratch. In return, Chimoney gets access to liquidity and a financial services network it could not fund on its own.
CapitalSage now lists both Chimoney and Tiki under its CapitalSage Vantage subsidiary, which it describes as focused on cross-border payments and other financial services.
What happens to customers and the founder
Chimoney's business-to-business product continues. It offers APIs for cross-border collections, payouts and multi-currency wallets, which developers can build into their own products, along with a business platform for direct use. Tiki is the new consumer-facing product built on the same Canadian infrastructure.
Uchibeke is staying involved for a six-month transition. He is now building APort, a separate startup developing authorisation infrastructure for AI agents.
