Sycamore Fintech Raises N6.89bn in Successful CP Issuance

Sycamore Integrated Solutions Limited, a fintech company founded in 2019, has successfully raised N6.89 billion through its debut commercial paper issuance, surpassing its initial target of N3 billion by 2.3 times. This issuance is part of a broader N20 billion commercial paper program arranged by BA Capital Limited, with a maturity date set for March 20, 2026.

The funds raised will be deployed to expand Sycamore's lending book, providing access to credit for small and medium-sized enterprises (SMEs) across Nigeria. During the signing ceremony in Lagos, founder and CEO Babatund Akin Mose noted that the oversubscription reflects a shift in the investor environment, where due diligence is critical.

The commercial paper issuance is a significant achievement for Sycamore, which has processed approximately N100 billion in transactions and served around 400,000 customers since its inception. BA Capital Limited's Managing Director, Yinka Adetuberu, emphasized the sustained demand for quality issuances in the current market.