CapitalSage Technology Limited, an integrated fintech group in Nigeria, has successfully raised $ 4 million (
NOT2.2 billion) in connection with an issue of private company notes (“PCN”) Series 1, under its NOT$ 10 billion program, to accelerate the growth of the company in different markets in Nigeria and Africa.
The 365-day Series 1 issue was underwritten with firm commitments from fund managers and other institutional investors, and United Capital Plc, Nigeria’s leading financial services group, acted as sole advisor and arranger on the transaction.
The successful debt financing cycle follows a positive assessment of investments from A3 (short term) and BBB (long term) with a stable outlook received from GCR Ratings, associated with the strategic partnership and advice from United Capital. This makes CapitalSage the first FinTech company to be rated on a private markets platform and the FinTech company that has raised the highest amount of debt in the Nigerian capital markets.
According to CapitalSage Group Managing Director John Alamu, “Our expansion is primarily driven by our agenda to provide a sustainable and inclusive digital financial infrastructure that continuously empowers individuals and businesses and facilitates wealth creation. We work closely with our clients to make sure they have the right tools to go where their aspirations take them. We are constantly at the forefront of digital innovation that increases financial access across Nigeria. With this funding, we are poised to further redefine the financial landscape and scale up financial inclusion across Africa. “
United Capital’s Head of Capital Markets and Advisory, Babatunde Ajayi said, “CapitalSage Technology is a FinTech which offers a wide range of financial and technological solutions services and has shown enormous potential for growth. The Company was able to obtain an investment quality rating from GCR, allowing this first entry into the capital markets. The transaction confirms CapitalSage’s strong management execution capacity and corporate governance position. Additionally, it paved the way for other FinTechs to approach Nigerian capital markets, especially the deep pool of private markets. United Capital Plc, drawing on its in-depth knowledge of Africa’s capital and debt markets, is well positioned to provide the right support to FinTechs seeking access to finance regardless of size and length of life.
The company was originally founded in 2014 under the name “Divine Mercy” with a mandate to financially empower market women and then grew from a micro-lender to a full-service financial technology group, serving clients. individuals, MSMEs, businesses and government institutions. .
CapitalSage owns Kolomoni Savings Apps, CashMore – a rewards-based VAS platform and Kolomoni bank agent network with thousands of agents in over 24 states of the federation with growing operation in the Republic of Benin as well. CapitalSage also recently launched CapiFlex; an integrated payments and enterprise solution that provides businesses, entrepreneurs and a myriad of organizations with a comprehensive pool of fundraising platforms, payment gateways, value-added services APIs and office management solutions.
United Capital is a financial services provider and the only investment banking institution on the board of directors of The Nigerian Exchange. The Company provides advisory and organizational services in the debt and equity markets, financial advice, project finance and structured trade finance. Over the past 3 years, United Capital has helped businesses and governments raise capital in the capital markets.