By Peter Egwuatu

Sycamore Integrated Solutions Limited has closed its Series 1 Commercial Paper issuance at N6.89 billion against a N3 billion target, with oversubscriptions by 230%.

Babatunde Akin-Moses, Founder and CEO of Sycamore, disclosed this Tuesday in Lagos during the signing ceremony by the parties to the offer.

According to him, the result places a Nigerian fintech among a small group of technology-driven firms that have successfully tapped the debt capital market to fund growth outside of venture and equity financing.

Meanwhile, the company in a statement disclosed that the issuance forms part of a N20 billion Commercial Paper Programme arranged by BAS Capital Limited, and ran from March 9 to March 20, 2026. Proceeds will be deployed to expand Sycamore’s lending book, providing more accessible credit to small and medium-sized businesses across Nigeria.

“As venture funding conditions have tightened globally and equity dilution has become a more pressing concern for founders, debt instruments like commercial paper have grown in appeal for companies with the governance structures and financial track record to access them. For a fintech to close a commercial paper at this subscription level is less common; it requires SEC licensing, institutional-grade compliance systems, and a level of financial disclosure that many early-stage companies are not yet positioned to provide,” the statement added.

Commenting on the outcome of the subscription, Akin-Moses said: “The result reflects both the market’s direction and what investors found upon a closer examination of Sycamore.

“Investors in this environment are being careful about where they put capital. They want predictable returns. They also want to know that the entity behind the instrument has the governance structures to back that up. We went through a rigorous SEC licensing process that examined our risk frameworks and client protection mechanisms. The subscription levels tell us that when investors did their due diligence on Sycamore, what they found gave them confidence.”

Yinka Adetuberu, Managing Director of BAS Capital Limited, said the result reflects sustained demand for quality issuances in the market.

“We are seeing consistent demand in the commercial paper market, driven by current interest rate levels and investor preference for short-duration, yield-accretive instruments. This transaction is consistent with that broader trend, and the level of subscription it attracted speaks to the quality of the issuer. For Sycamore, the close marks its first foray into the debt capital market.”

Furthermore, Akin-Moses noted that Sycamore is a Nigerian fintech founded in 2019 by himself, Onyinye Okonji, and Mayowa Adeosun. According to him, the company provides credit solutions to individuals and businesses, with a particular focus on small and medium-sized enterprises.

“In the 2025 financial year, the Sycamore Group processed over N100 billion in transactions for approximately 400,000 customers across salary loans, business financing, investments, asset portfolios, and multi-currency wallets. Its regulated entity, Sycamore Investment and Asset Management Limited, holds a Securities and Exchange Commission license to operate as a fund and portfolio manager,” he added.