Chi Technologies Inc., the parent company of Canada-based fintech Chimoney, has entered into an acquisition agreement with CapitalSage Vantage Limited, a subsidiary of CapitalSage Holdings, just four weeks after announcing the shutdown of its cross-border payment platform. Founder Uchi Uchibeke confirmed the deal in a post on X, stating that both parties signed an agreement in principle, marking a reversal of Chimoney's closure. The acquisition will make Chimoney CapitalSage's first payments entity in Canada, leveraging its existing regulatory credentials. Chimoney had ceased processing new transactions in May after Uchibeke revealed the company had raised less than $1 million and failed to scale customer acquisition, leading to stalled revenue. At the time, the company began refunding customer balances and prepared for wind-down. Uchibeke said the shutdown announcement, which was covered by over a dozen publications, unexpectedly served as a catalyst for the acquisition after CapitalSage reached out within days. All investors in Chimoney will be repaid in full, and employees will receive proceeds from the deal. Uchibeke will remain involved for six months to oversee the transition. The acquisition will proceed in phases to meet re-registration requirements under Canada's Retail Payment Activities Act, allowing regulators to review ownership changes incrementally. A key factor in the deal was the preservation of Chimoney's Money Services Business (MSB) registration and its Payment Service Provider (PSP) licence, which Uchibeke had kept active despite advice to let them lapse. CapitalSage, which operates in Nigeria, Kenya, the Gambia, the UAE, and the UK, gains immediate regulatory access to Canada's payments market through this acquisition. Uchibeke has since shifted focus to APort, an independent AI product he is currently building. He stated the acquisition was not part of any original plan, attributing the outcome to the transparency of the shutdown process.
The same regulatory assets Chimoney nearly abandoned became its most valuable selling point. CapitalSage gains a faster route into Canada without building compliance from scratch, while Chimoney's shutdown narrative directly attracted the buyer. Uchibeke's decision to preserve dormant licences turned a failure story into a sale. The episode shows how regulatory groundwork can outweigh operational traction in fintech deals.
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