Nigeria: Fintech Group Raises N2.2bn Series 1 Note

0 59

CapitalSage Technology Limited a Fin Tech company has raised a N2.2bn series 1 Private Company Notes issue, under its N10bn programme.

In a press release, the company said the capital was raised to accelerate its growth across different markets both in Nigeria and Africa. The company added that United Capital Plc, was the sole adviser and arranger on the transaction.

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.”

Commenting on the series 1 round, the Group Managing Director, John Alamu 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.”

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.”

– Punch

Leave A Reply

Your email address will not be published.

%d bloggers like this: