Fintech Group, Capitalsage Raises Debt Financing to Fulfil Expansion Agenda

Tuesday, August 24, 2021 / 01:37 PM / Release by United Capital Plc / HeaderImage Credit: United Capital

CapitalSage TechnologyLimited, an integrated fintech group, is pleased to announce that it hassuccessfully raised N2.2 billion in aSeries 1 Private Company Notes (“PCN”) issuance, under its N10 billion programme. The capital was raised to acceleratethe Company’s growth across different markets both in Nigeria and Africa.United Capital Plc, Nigeria’s leading financial services group, acted as SoleAdviser and Arranger on the transaction. The Series 1 issuance,with a 365-day tenor, was subscribed with firm commitments from Fund managersand other institutional investors.

The successfuldebt-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. Thismakes CapitalSage the first FinTech Company to be Noted on a Private Marketsplatform and the FinTech Company which has raised the highest debt amount inthe Nigerian Capital Markets.

According to the Group Managing Director, John Alamu, “Ourexpansion is mostly driven by our agenda to provide a sustainable and inclusivedigital financial infrastructure that continually empowers individuals andbusinesses and facilitates wealth creation. We are constantly at the cutting edge ofdigital innovation that increases financial access across Nigeria. With thisfunding, we are poised to further redefine the finance landscape and scale-upfinancial inclusion across Africa”.

The Head, CapitalMarkets & Advisory at United Capital, Babatunde Ajayi stated that “CapitalSageTechnology is a FinTech which offers a wide range of financial and technologicalsolutions and has shown huge growthpotential. The Company was able to attain an investment-grade rating from GCR,enabling this first entry to the Capital Markets. The transaction affirmsCapitalSage’s strong management execution capacity and corporate governanceposition. In addition, it has paved the way for other FinTechs to approach theNigerian Capital Markets, especially the deep pool of Private Markets available.United Capital Plc, leveraging on its deep knowledge of the capital and debtmarkets in Africa, is well- positioned to provide the right support for FinTechsseeking to access funding irrespective of size and length of existence”.

The Company wasinitially founded in 2014 under the name ‘Divine Mercy’ with a mandate tofinancially empower market women and later evolved from a micro-lender into afull-service financial technology group, servicing individuals, MSMEs,corporate organizations, and government institutions.

CapitalSage ownsKolomoni Savings Apps, CashMore – a reward-based VAS platform, and Kolomoniagent banking network with thousands of agents in over 24 states of thefederation with a growing operation in the Republic of Benin as well.CapitalSage also recently launched CapiFlex; an integrated payment and businesssolution that provides businesses, entrepreneurs, and myriad organisations witha full pool of fund collections platforms, payment gateways, value-addedservice APIs and office management solutions.

United Capital is a financialservices provider and the only investment banking institution listed on themain board of The Nigerian Exchange. The Company offers advisory and arrangingservices in debt and equity capital markets, financial advisory, projectfinance and structured trade finance. Over the past 3 years, United Capital hasassisted corporate and government Clients to raise capital from the capitalmarkets.

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Donovan Larsen

Donovan is a columnist and associate editor at the Dark News. He has written on everything from the politics to diversity issues in the workplace.

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