The cash was raised to drive the company’s expansion across several markets in Nigeria and Africa, according to a news statement. United Capital Plc served as the transaction’s sole advisor and arranger, according to the business.
According to the company, “The Series 1 issuance, with a 365-day tenor, was subscribed with firm commitments from Fund managers and other institutional investors.
“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 a Private Markets platform and the FinTech Company which has raised the highest debt amount in the Nigerian CapitalMarkets.”
“Our expansion is mainly 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, Group Managing Director.
“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.”
The Head, Capital Markets & Advisory at United Capital, Babatunde Ajayi added, “CapitalSage Technology is a FinTech which offers a wide range of financial and technological solutions and has shown huge growth potential.
“The Company was able to attain an investment-grade rating from GCR, enabling this first entry to 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 available. United Capital Plc, leveraging on its deep knowledge of the capital and debt markets in Africa, is well-positioned to provide the right support for FinTechs seeking to access funding irrespective of size and length of existence.”
