New owners take over Chimoney after the payment platform ran out of money

CapitalSage Vantage Limited, a division of CapitalSage Holdings, has finalized its purchase of Chi Technologies Inc., the entity operating the Nigerian-founded payment platform Chimoney. This all-cash transaction follows a period of instability for the Techstars-supported startup, which had previously declared it would cease operations in May due to a lack of operational funding. Founder Uchi Uchebeke confirmed that the acquisition ensures all investors and 31 specific firms or individuals have been fully reimbursed.

This acquisition prevents the permanent closure of the payment service and marks a significant recovery for the firm. For enterprises operating within Nigeria or across the broader continent, this transition may influence existing compliance or regulatory requirements. Companies utilizing these financial services should verify current local availability, updated fee structures, and any shifts in the legal framework governing the platform's new ownership.