An integrated FinTech Group in Nigeria, CapitalSage Technology Limited, has raised $4 million (N2.2 billion) to accelerate the company’s growth across different markets region in Nigeria and Africa.
The company raised the N2.2 billion in a Series one Private Company Notes (PCN) issuance, under its N10 billion programme, stating that, the successful debt-financing round came on the heels of a positive investment appraisal of A3 (short-term) and BBB (long-term) with a stable outlook received from GCR Ratings, coupled with the strategic partnership and guidance of United Capital Plc.
This makes CapitalSage the first fintech company to be noted on a Private Markets platform and the fintech company which has raised the highest debt amount in the Nigerian capital markets.
Speaking, the group managing director of CapitalSage, John Alamu, said: “our expansion is mostly driven by our agenda to provide a sustainable and inclusive digital financial infrastructure that continually empowers individuals and businesses and facilitates wealth creation.”
According to him, “we will work closely with our customers to make sure they have the right tools in order to go wherever their aspirations take them. We are constantly at the cutting edge of digital innovation that increases financial access across Nigeria. With this funding, we are poised to further redefine the finance landscape and scale up financial inclusion across Africa.”
Also, head, Capital Markets & Advisory at United Capital, Babatunde Ajayi stated that, “transaction affirms CapitalSage’s strong management execution capacity and corporate governance position while stating that it has paved the way for other FinTechs to approach the Nigerian capital Markets especially the deep pool of private markets.