Sycamore Integrated Solutions Limited has closed its Series 1 Commercial Paper (CP) issuance at N6.89 billion, surpassing its N3 billion target by 230 percent.
Babatunde Akin-Moses, chief executive officer, disclosed this during the programme signing ceremony held recently in Lagos.
The issuance is part of a N20billion Commercial Paper Programme arranged by BAS Capital Limited, which ran from March 9 to March 20. Proceeds from the raise will be deployed to expand Sycamore’s lending book, providing accessible credit to small and medium-sized enterprises across Nigeria.
Akin-Moses added that the result reflects both current market shifts and investor due diligence.
“Investors in this environment are being careful about where they put capital. They want predictable returns and want to know that the entity behind the instrument has the governance structures to back it up.
“We went through a rigorous SEC licensing process that examined our risk frameworks and client protection mechanisms. The subscription levels tell us that when investors did their due diligence, what they found gave them confidence,” he said.
According to him, the result places Nigerian fintech among a small group of technology-driven firms that have successfully tapped the debt capital market to fund growth outside of venture and equity financing.
“As venture funding conditions have tightened globally and equity dilution has become a more pressing concern for founders, debt instruments like commercial paper have grown in appeal for companies with the governance structures and financial track record to access them.
“For a fintech company to close a commercial paper at this subscription level is less common; it requires SEC licensing, institutional-grade compliance systems, and a level of financial disclosure that many early-stage companies are not yet positioned to provide,” he added.
Yinka Adetuberu, managing director of BAS Capital Limited, said the result reflects sustained demand for quality issuances in the market.
“We are seeing consistent demand in the commercial paper market, driven by current interest rate levels and investor preference for short-duration, yield-accretive instruments. This transaction is consistent with that broader trend, and the level of subscription it attracted speaks to the quality of the issuer. For Sycamore, the close marks its first foray into the debt capital market,” Adetuberu said.
Meanwhile, Akin-Moses noted that he founded Sycamore, a Nigerian fintech company in 2019 together with Onyinye Okonji, and Mayowa Adeosun, providing credit solutions to individuals and businesses, with a particular focus on small and medium-sized enterprises.
He said, “ In the 2025 financial year, the Sycamore Group processed over N100 billion in transactions for approximately 400,000 customers across salary loans, business financing, investments, asset portfolios, and multi-currency wallets. Its regulated entity, Sycamore Investment and Asset Management Limited, holds a Securities and Exchange Commission license to operate as a fund and portfolio manager.”