Sycamore Integrated Solutions Limited has closed its Series 1 Commercial Paper issuance at N6.89bn, exceeding its N3bn target with a subscription rate of 2.3x the offer size. The result places the Nigerian fintech among an elite group of technology-driven firms that have successfully tapped the debt capital market to fund growth independently of venture and equity financing.
The issuance is part of a N20bn Commercial Paper Programme arranged by BAS Capital Limited, which ran from 9 to 20 March 2026. Proceeds from the raise will be deployed to expand Sycamore’s lending book, providing accessible credit to small and medium-sized enterprises across Nigeria.
Speaking on Tuesday during the Sycamore Commercial Paper Signing Ceremony in Lagos, Founder and CEO of Sycamore, Babatunde Akin-Moses, noted that the result reflects both current market shifts and investor due diligence.
He said, “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.”
As global venture funding conditions tighten and equity dilution becomes a growing concern for founders, debt instruments like commercial paper have gained appeal for companies with robust governance and proven financial track records. For a fintech to close a CP at this subscription level is a rare feat; it requires SEC licensing, institutional-grade compliance, and a level of financial transparency that many early-stage firms have yet to achieve.
Sycamore has been building towards this milestone since 2019. In the 2025 financial year, the Group processed over N100bn in transactions for approximately 400,000 customers. Its diverse service portfolio, including salary loans, business financing, investments, and multi-currency wallets, provided the operational depth necessary to give institutional investors confidence.
Similarly, the Managing Director of BAS Capital Limited, Yinka Adetuberu, added that the result underscores sustained demand for quality issuances.
“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 aligns with that broader trend, and the level of subscription speaks to the quality of the issuer,” Adetuberu said.
For Sycamore, this successful close marks its first major foray into the debt capital market.
Sycamore Integrated Solutions Limited was founded in 2019 by Babatunde Akin-Moses, Onyinye Okonji, and Mayowa Adeosun. It provides credit solutions to individuals and SMEs. Its subsidiary, Sycamore Investment and Asset Management Limited, is licensed by the SEC as a fund and portfolio manager.
BAS Capital Limited is an SEC-registered capital market operator; BAS Capital provides structured finance and advisory services. It operates across various sectors, including wealth advisory, healthcare, and technology, fostering long-term value in Nigeria’s debt capital markets.