Chimoney in Unexpected Acquisition Deal Weeks After Exiting Operations

Chimoney in Unexpected Acquisition Deal Weeks After Exiting Operations

Canada-based payments infrastructure startup Chimoney is set to be acquired just weeks after announcing it was winding down operations, marking an unexpected turnaround for the company.

The startup’s parent company, Chi Technologies Inc., has signed an agreement in principle with CapitalSage Vantage Limited, a subsidiary of CapitalSage Holdings, according to a statement shared by founder and CEO Uchi Uchibeke on X.

If completed, the deal will make Chimoney CapitalSage’s first payments-focused entry into the Canadian market.

Chimoney had announced in May that it was shutting down due to financial constraints, citing challenges in scaling customer acquisition and distribution despite building a cross-border payments system capable of processing transactions across multiple regions and currencies.

At the time of the shutdown announcement, the company disclosed that it had raised less than $1 million in funding, with revenue growth stalling and operational costs becoming unsustainable.

The platform had already stopped processing new transactions and begun refunding user balances.

Following the shutdown notice, Uchibeke said the acquisition discussions were triggered shortly after public attention around the wind-down gained traction.

He noted that CapitalSage reached out within days of the announcement, turning the closure process into a potential acquisition pathway.

Under the proposed arrangement, Chimoney investors are expected to be fully reimbursed, while employees would also receive compensation from the transaction proceeds.

Uchibeke is expected to remain involved for a transition period of about six months.

The acquisition is expected to proceed in phases to comply with regulatory requirements under Canada’s Retail Payment Activities framework, allowing for approvals before final completion.

Chimoney’s existing regulatory position, including its Money Services Business registration and payment service permissions, is expected to play a key role in enabling the deal.

For CapitalSage Holdings, which operates across multiple markets including Africa, the Middle East, and Europe, the acquisition offers a faster route into Canada’s regulated payments ecosystem.

Uchibeke also said he will shift focus toward a separate artificial intelligence venture following the transition, describing the outcome as unintended but aligned with the transparency of the shutdown process.

The transaction is still subject to final regulatory and procedural approvals.