Nigerian financial services group CapitalSage Holdings has completed its acquisition of Chimoney, the Nigerian-founded payments startup that suspended transactions in May after running out of capital, and relaunched its consumer remittance service as Tiki for customers in the UK and Canada to send money to Africa.
The acquisition was completed on October 9 through CapitalSage Vantage Limited, a subsidiary of CapitalSage Holdings. The deal value was not disclosed, but Chimoney founder Uchi Uchibeke told TechCabal that all investors had been repaid in full and that 31 individuals and organisations received payments from the transaction.
The deal brings Chimoney back into operation after five months of uncertainty. The startup had stopped processing new transactions and integrations from 1 May 2026, citing insufficient capital to sustain its operations, and began refunding customer balances.
Under its new ownership, Chimoney has resumed accepting business customers and processing transactions through its payments infrastructure. Its consumer-facing service has been relaunched as Tiki, targeting people in the UK and Canada who send money to recipients in African markets, initially including Nigeria and The Gambia.
Tiki targets UK–Africa remittances
Tiki operates through CapitalSage’s existing financial services network, advertising zero transfer fees and delivery within minutes. Its UK operations are supported by AfrikMoney, while CapitalSage Finance supports the Nigerian side, and Chimoney provides the Canadian payments infrastructure.
For CapitalSage, the acquisition provides a route into Canada’s payments market while extending its remittance offering in the UK and Africa. Rather than building an entirely new payments platform, the group is taking ownership of infrastructure that has already been developed and registered for operations in Canada.
The cost of scaling payments
Before the acquisition, Chimoney had built infrastructure that enabled businesses to manage cross-border collections, payouts and multi-currency wallets through application programming interfaces (APIs).
Despite that technology, the company struggled to secure sufficient funding and grow its customer base. Uchibeke previously identified distribution and liquidity as major challenges, explaining that operating across multiple payment methods, regions and currencies required capital to maintain funds across different markets.
Its shutdown highlighted a persistent challenge for cross-border fintech businesses: building the technology is only part of the equation. Companies must also attract customers, maintain liquidity and cover the operational costs of moving money across jurisdictions.
CapitalSage’s acquisition offers Chimoney a different ownership structure and access to an established financial services group.
Investors repaid as ownership changes
According to Uchibeke, all investors were repaid in full through the completed all-cash transaction, with payments distributed to 31 individuals and organisations. The acquisition amount and individual payouts have not been disclosed.
The transaction followed an agreement announced in June, approximately four weeks after Chimoney revealed its shutdown. Completion took several months as the companies worked through requirements associated with changes in ownership of the Canadian payments business.
Chimoney had previously secured registration with the Bank of Canada as a payment service provider and with Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) as a money services business. These registrations formed part of the company’s existing regulatory position in Canada.
What comes next for CapitalSage
The immediate test is whether CapitalSage can turn Chimoney’s existing infrastructure into a sustainable payments business. That means rebuilding customer activity, expanding remittance usage and ensuring that the company can maintain the liquidity needed to serve multiple markets.
For UK-based African communities, Tiki’s launch adds another option for sending money to Nigeria and The Gambia. Its longer-term competitiveness will depend on the rates customers receive, the reliability of transfers, customer support and the availability of payout options.
