An integrated digital financial service group, CapitalSage Technology Limited, has raised $4 million (N2.2 billion) in a Series 1 Private Company Notes (“PCN”) issuance, under its N10 billion programme, to accelerate the company’s growth across different markets in Nigeria and Africa.
The Series 1 issuance, with a 365-day tenor, was subscribed with firm commitments from fund managers and other institutional investors.
The group said United Capital Plc acted as Sole Adviser and Arranger on the transaction.
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.
According to the Group Managing Director of CapitalSage, John Alamu, “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 work closely with our customers to ensure they have the right tools to go wherever their aspirations take them. We are constantly at the cutting edge of digital innovation that increases financial access across the country. 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 service range and has shown huge growth potential. The company was able to attain an investment-grade rating from GCR, enabling this first entry into the capital markets.”
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