CapitalSage acquires Chimoney and relaunches app as Tiki

CapitalSage Vantage Limited has completed its acquisition of Chi Technologies Inc., the company behind fintech platform Chimoney, in an all-cash transaction.

The acquisition brings Chimoney back under CapitalSage, a subsidiary of CapitalSage Holdings, after the payments company suspended operations earlier this year. Its consumer-facing application has been relaunched as Tiki, a remittance service aimed at customers in Canada and the United Kingdom.

Chimoney returns to operation

Chimoney has resumed accepting clients and processing transactions under its new ownership. Its business-to-business infrastructure will continue providing APIs for cross-border collections, payouts and multi-currency wallets.

The platform previously enabled businesses to make payments across 41 currencies. Its services allow companies to manage payment functions including collections, balances and transfers to recipients, either through integrations or directly on its business platform.

Chimoney founder Uchi Uchebeke confirmed the acquisition in a statement. He said every investor had been repaid in full and that the team had received its transaction proceeds. Uchebeke also said 31 individuals and firms received payments from the deal.

The financial value of the acquisition was not disclosed.

Tiki targets Canada-UK remittances

CapitalSage has relaunched Chimoney’s consumer application as Tiki. The service is designed to let customers in Canada and the UK send money to recipients in African markets, including Nigeria and The Gambia.

The transaction was structured in phases to address Canadian regulatory requirements relating to ownership changes involving payment service providers. Before its shutdown, Chimoney had secured registration as a payment service provider with the Bank of Canada and as a money services business with the Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC.

Chimoney, which was founded in 2022 and backed by Techstars, announced in May that it was shutting down after running out of capital to sustain operations. It suspended transactions, began refunding customer balances and stopped processing new transactions and integrations.

CapitalSage signed an agreement to acquire the business four weeks after that announcement, in June. CapitalSage operates businesses including Kolomoni Microfinance Bank and has a presence in Nigeria, The Gambia, the United Kingdom and other markets.

Founder moves to APort

Uchebeke remains involved in a six-month transition following the acquisition. He is also building APort, a separate startup focused on authorisation infrastructure for AI agents.

Uchebeke previously identified customer acquisition and the liquidity required to support payment operations across multiple currencies as Chimoney’s main challenges. He said the company would have needed about $3 million in additional capital to reach its growth ambitions.

All five members of Chimoney’s team received offers to remain with the business after the acquisition, according to Uchebeke’s earlier comments.

“I am now building APort, while Chimoney moves forward under its new owner,” Uchebeke said.