We're joining the CapitalSage Holdings group 🚀 🚀
Four weeks ago, I posted that Chimoney was winding down. Today, we signed an agreement to be acquired. CapitalSage Vantage Limited, a subsidiary of the CapitalSage Holdings group, has entered into an agreement to acquire Chi Technologies Inc. and its subsidiaries. CapitalSage Holdings is a multinational group with operations across the United Kingdom, the UAE, Nigeria, Kenya, The Gambia and other countries. Upon closing, Chimoney will become CapitalSage's first payment entity in Canada. I want to tell the story of how this happened because I think it matters for other founders. When I announced the wind-down in May, I was honest about what went wrong. We built real infrastructure but never solved distribution or for liquidity. What I did not expect was what happened next. Within days, CapitalSage reached out. Their Group CEO, Abiola Bawuah, spent over 25 years in banking across Africa, most recently as CEO of United Bank for Africa's operations across 20 countries. Their founder, John A. Alamu, built CapitalSage from a N100,000 microlending operation in 2014 into a conglomerate spanning fintech, agribusiness, manufacturing, and healthcare across three continents. These are serious people building serious infrastructure. They came to Toronto this week. We signed the agreement today at OneEleven Innovation Hub. Abiola and John flew in for the signing ceremony. On Friday evening, we hosted a private dinner with 20 business leaders, financial services executives, and community leaders to mark CapitalSage's planned entry into Canada. Here is what the agreement provides: Every investor who put capital into Chimoney will be settled in full upon closing. Every person who believed in this company when it was just an idea will get their money back. That was non-negotiable for me. How you close something matters as much as how you build it. The team will participate in the transaction proceeds. The people who built the product, ran the operations, designed the interfaces, and wrote the code will be recognized. The Chimoney platform will continue to operate and grow under CapitalSage. I will be leading the transition to relaunch the platform, re-engage clients, activate the US corridor, and hand over operations to the CapitalSage team. The transaction will close in phases to accommodate Bank of Canada re-registration requirements under the Retail Payment Activities Act. We are committed to executing definitive transaction documentation and completing the acquisition in a compliant manner. Thank you to CapitalSage team for believing in what Chimoney built and for the conviction to move quickly. Thank you to the advisors, mentors, and community who supported me through this process. Thank you to every investor, every client, every developer, and the entire Chimoney team. And thank you to Jennifer, who invested in Chimoney a week after we started dating and has been with me through every part of this journey. The next chapter starts now.