Fintech firm CapitalSage has raised $4 million to expand financial inclusion throughout Africa.

CapitalSage Technology Limited, a Nigerian integrated digital financial firm, has secured $4 million through a series one private company note (PCN) issuance as part of its N10 billion program.

The money will be used to help the firm expand into new markets in Nigeria and other African nations, according to the company.

CapitalSage, formerly known as ‘Divine Mercy,’ was founded in 2014 to deliver inclusive solutions to individuals and enterprises in Africa for long-term value and wealth building.

“The Series 1 issue, with a 365-day tenor, was subscribed with solid commitments from fund managers and other institutional investors, as well as United Capital Plc,” according to the business.

CapitalSage is the first fintech firm to be listed on a private markets platform and to raise the largest amount of debt in Nigerian capital markets, according to the statement.

“Our expansion is primarily motivated by our mission to build a sustainable and inclusive digital financial infrastructure that continuously empowers individuals and companies and enables wealth creation,” said John Alamu, CapitalSage group managing director.

“We are well-positioned to further reinvent the finance environment and expand up financial inclusion across Africa with this funding.”

“CapitalSage Technology is a FinTech that offers a wide variety of financial and technical solutions service range and has demonstrated a great development potential,” said Babatunde Ajayi, United Capital’s head of capital markets and advising.

“The Company was able to attain an investment-grade rating from GCR, enabling this first entry into the Capital Markets. The transaction affirms CapitalSage’s strong management execution capacity and corporate governance position.

“In addition, it has paved the way for other FinTechs to approach the Nigerian Capital Markets, especially the deep pool of Private Markets.”

Appzone ($10 million in April), Lidya ($8.3 million in July), Cowrywise ($3 million in January), and Bankly ($2 million in March) are among the other fintech companies that have obtained cash for their company operations in 2021.


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Sodiq Ajala
Sodiq Ajala
Co-founder, Tech with Africa. Tech SEO | Website Auditing, Content Marketing, Copywriting, Data Analytics | I help businesses use content & technical muse to increase sales rates by 75%.

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