By Nkiruka Nnorom

CapitalSage Technology Limited, an integrated fintech group, has successfully raised N2.2 billion in a Series 1 Private Company Notes (PCN) issuance, under its N10 billion programme.

The capital raise was to accelerate the company’s growth across different markets in Nigeria and Africa.

United Capital Plc, a financial services group, acted as sole adviser and arranger on the transaction. The Series 1 issuance, with a 365-day tenor, was subscribed with firm commitments from fund managers and other institutional investors.

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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 that has raised the highest debt amount in the Nigerian capital market.

Commenting, John Alamu, Group Managing Director, Capitalsage, said: “Our expansion is mostly driven by our agenda to provide a sustainable and inclusive digital financial infrastructure that continually empowers individuals and businesses and facilitates wealth creation.

“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”.

Vanguard News Nigeria