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Nigeria-based CapitalSage Technology has raised NGN 2.2 billion, or U$4 million, in debt funding, the company announced.
The financing was raised in a Series 1 Private Company issuance with a 365-day tenor, under the company’s NGN 10 billion programme. It is aimed at supporting CapitalSage Technology’s growth across Nigeria and the rest of Africa.
The company has received commitments from fund managers and institutional investors, it said. United Capital Plc acted as the Sole Adviser and Arranger for the deal.
The company also recently received a short term A3 rating and long term BBB rating with a stable outlook received from African rating agency GCR Ratings. CapitalSage is the first fintech to be noted on a Private Markets platform, and to have raised the highest debt in Nigerian capital markets, the company said.
Founded in 2014 as micro-lending firm Divine Mercy, the company provides integrated digital financial services to individuals, MSMEs, corporates, and government bodies.
Its offerings include the Kolomoni savings app and Kolomoni Agency Banking network and a reward-based value-added services app CashMore. It also recently introduced an integrated payment and business solution called CapiFlex. The platform provides fund collection solutions, payment gateways, value-added service APIs and office management solutions.
CapitalSage wants to “redefine the finance landscape”
Group Managing Director of CapitalSage, John Alamu
“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. We 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,”
Group Managing Director of CapitalSage, John Alamu, said.
Currently, over two-thirds of the Nigerian population are excluded from the financial system. Amongst those that are included, it actually banks that have been able to capture most of the market through formal banking accounts. They also serve as a point of digital inclusion, with 29% of adults having bank accounts with digital features.
