By Chinwendu Obienyi
CapitalSage Technology Limited, an integrated fintech group in Nigeria, says it successfully raised $4 million (N2.2 billion) in a Series 1 Private Company Notes (PCN) issuance, under its N10 billion programme.
The Fintech group noted that this was done to accelerate the company’s growth across different markets both in Nigeria and Africa. Founded in 2014 under the name, ‘Divine Mercy,’ CapitalSage provides inclusive solutions to individuals and businesses for continuous value and wealth creation in Africa.
The company said, in a statement, that the Series 1 issuance, with a 365-day tenor was subscribed with firm commitments from Fund managers and other institutional investors, and United Capital Plc, Nigeria’s leading financial services group, acted as Sole Adviser and Arranger on the transaction.
The statement explained that the successful debt-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.
This makes CapitalSage the first Fintech company to be noted on the private markets platform and raises the highest debt amount in the Nigerian Capital Markets (NCM).
According to the Group Managing Director of CapitalSage, John Alamu, the company’s expansion is mostly driven by its 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”, he said.
Also speaking, the Head, Capital Markets and Advisory at United Capital, Babatunde Ajayi, stated that CapitalSage technology is a FinTech which offers a wide range of financial and technological solutions and has shown huge growth potential.
According to him, the company was able to attain an investment-grade rating from GCR, enabling this first entry into the Capital Markets.