CapitalSage Technology Limited, a Nigerian fintech business, has secured $4 million (N2.2 billion) in a Series 1 Private Company Notes (PCN) issuance as part of its N10 billion initiative to help the company expand throughout African markets.
The company was founded in 2014 under the name ‘Divine Mercy,’ with the goal of financially empowering market women, and has since grown from a microlender to a full-service financial technology firm that serves people, MSMEs, corporations, and government agencies.
“Our growth is primarily motivated by our mission to build a long-term, inclusive digital financial infrastructure that empowers individuals and businesses while facilitating wealth creation. CapitalSage’s group managing director, John Alamu, said, “We work closely with our customers to ensure they have the proper tools to go wherever their goals take them.”
According to Alamu, the fintech firm is always on the bleeding edge of digital innovation, which helps Nigerians gain access to financial services. “We are prepared to further alter the finance environment and scale up financial inclusion across Africa with this funding,” he said.
CapitalSage is the first fintech business to be listed on a private market platform, as well as the fintech company to raise the most debt in the Nigerian capital market.
“CapitalSage Technology is a fintech that provides a broad range of financial and technology solutions and has proven tremendous growth potential,” Ajayi explained.
Kolomoni Savings Apps, CashMore, a reward-based VAS platform, and the Kolomoni agent banking network, which has thousands of agents in over 24 states of the federation and is expanding in the Republic of Benin, are all owned by CapitalSage.
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