Sycamore’s N3bn commercial paper oversubscribed 230%, closes at N6.89bn
The nation’s fintech ecosystem has recorded a major boost with foray of Sycamore Integrated Solutions Limited in debt capital market. The company closed its Series 1 Commercial Paper at N6.89
The nation's fintech ecosystem has recorded a major boost with foray of Sycamore Integrated Solutions Limited in debt capital market.
The company closed its Series 1 Commercial Paper at N6.89 billion, more than double its N3 billion target on Tuesday.
The 230% oversubscription puts the fintech among a handful of Nigerian tech firms that have successfully raised debt financing outside venture capital and equity.
The issuance is the first tranche under Sycamore’s N20 billion Commercial Paper Programme, arranged by BAS Capital Limited. It was open from March 9 to March 20, 2026. Proceeds will be used to expand the company’s lending book and increase access to credit for small and medium-sized enterprises across Nigeria.
The raise comes as global venture funding tightens and founders push back against equity dilution. For many early-stage fintechs, commercial paper remains out of reach — it requires SEC licensing, institutional-grade compliance, and a level of financial disclosure most are not yet positioned to meet.
Sycamore has been building that foundation since 2019. In 2025, the group processed over N100 billion in transactions for about 400,000 customers across salary loans, business financing, investments, asset portfolios, and multi-currency wallets. That operational track record gives institutional investors the visibility they need before committing capital.
Babatunde Akin-Moses, Founder and CEO of Sycamore, said the outcome reflects both market conditions and investor confidence in the company’s governance.
“Investors today want predictable returns and assurance that the entity behind the instrument has strong governance. We went through a rigorous SEC licensing process that tested our risk and client protection frameworks. The subscription level shows that when investors did their due diligence, they came away confident,” he said.
Yinka Adetuberu, Managing Director of BAS Capital Limited, said the result reflects sustained appetite for quality issuances.
“We’re seeing consistent demand for short-duration, yield-accretive instruments in the commercial paper market, driven by current interest rates. The level of subscription speaks to the quality of the issuer,” he said.
This marks Sycamore’s first foray into the debt capital market.
Founded in 2019 by Babatunde Akin-Moses, Onyinye Okonji, and Mayowa Adeosun, Sycamore provides credit solutions to individuals and SMEs. Its regulated entity, Sycamore Investment and Asset Management Limited, is licensed by the Securities and Exchange Commission as a fund and portfolio manager.
BAS Capital Limited is a SEC-registered capital market operator offering structured finance and advisory services across Nigeria’s debt capital markets. The firm also operates subsidiaries in capital management, wealth advisory, ethical asset management, insurance, healthcare, and technology.
