Sycamore has successfully closed its first tranche of a N20 billion Commercial Paper Programme, raising N6.89 billion to support SME lending in Nigeria.
Sycamore , a prominent Nigerian fintech company, has achieved a significant milestone in its financial growth by successfully closing its Series 1 Commercial Paper . The company raised a total of N6.89 billion, which is more than double its initial target of N3 billion.
This represents a remarkable 230 percent oversubscription, signaling strong investor confidence. This specific issuance is the first tranche of a broader N20 billion Commercial Paper Programme, which was professionally arranged by BAS Capital Limited. The offering period ran from March 9 to March 20, 2026. The primary objective for these newly acquired funds is to expand the company lending book, thereby enhancing the availability of credit for small and medium-sized enterprises throughout Nigeria.
This move is particularly strategic given the current global economic climate. Many technology companies are currently facing a tightening of venture capital funding, leading founders to seek alternatives to avoid the dilution of equity. While many early-stage fintechs find the commercial paper market inaccessible due to the stringent requirements for SEC licensing and institutional-grade compliance, Sycamore has spent years preparing for this transition. Since its inception in 2019, the firm has prioritized the establishment of a robust financial foundation.
By the year 2025, the group had processed over N100 billion in transactions, serving approximately 400,000 customers across various financial products, including salary loans, business financing, and multi-currency wallets. This track record of operational excellence provides the necessary visibility for institutional investors to commit their capital with confidence. Babatunde Akin-Moses, the Founder and CEO of Sycamore, emphasized that the successful oversubscription reflects both current market conditions and a deep trust in the company governance.
He noted that modern investors seek predictable returns and a guarantee that the entity issuing the instrument adheres to strong governance standards. The process involved a rigorous SEC licensing procedure that tested the company risk and client protection frameworks. According to Akin-Moses, the high subscription level demonstrates that when investors conduct their due diligence, they find the company's structure and strategy convincing.
From the perspective of the arranger, Yinka Adetuberu, the Managing Director of BAS Capital Limited, believes the result indicates a sustained appetite for quality issuances in the Nigerian market. He observed a consistent demand for short-duration, yield-accretive instruments, which is largely driven by current interest rate environments. The level of interest in Sycamore's paper is seen as a testament to the quality of the issuer.
Founded in 2019 by Babatunde Akin-Moses, Onyinye Okonji, and Mayowa Adeosun, Sycamore focuses on providing essential credit solutions to individuals and small businesses. Its regulated entity, Sycamore Investment and Asset Management Limited, holds a license from the Securities and Exchange Commission as a fund and portfolio manager. This regulatory backing is crucial for maintaining trust in the financial sector.
BAS Capital Limited, as a SEC-registered capital market operator, continues to offer structured finance and advisory services, supporting the growth of Nigeria's debt capital markets. The firm also manages various subsidiaries covering wealth advisory, ethical asset management, and technology, creating a comprehensive ecosystem for financial growth in the region
Sycamore Debt Financing Commercial Paper SME Credit Nigerian Fintech
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