Chimoney to be acquired four weeks after announcing shutdown

Chi Technologies Inc., the parent company of Chimoney, the Canada-based cross-border payment infrastructure startup that announced its shutdown in May, has signed an agreement to be acquired by CapitalSage Vantage Limited, a subsidiary of CapitalSage Holdings.

In a statement on X on Monday, Chimoney founder Uchi Uchibeke disclosed that both companies had signed an agreement in principle for the acquisition, marking an unexpected turnaround for the startup. If the deal closes, Chimoney will become CapitalSage’s first payments entity in Canada.

The acquisition comes four weeks after Chimoney announced it was shutting down due to insufficient capital to sustain operations. In May, Uchibeke noted that the startup had failed to scale distribution and customer acquisition despite building a product that enabled businesses to send payments in 41 currencies across Africa, North America, and Latin America.

At the time, Uchibeke said revenue had stalled and that the company had raised less than $1 million in funding, leaving it unable to continue operating independently. Chimoney eventually halted the processing of new transactions and began refunding customer balances.

“When I announced the wind-down in May, I told the truth about what went wrong,” he wrote. “The coverage reached over a dozen publications. Everyone used my framing. Within days, CapitalSage reached out. The wind-down became the pitch.”