Sycamore Integrated Solutions raises N6.89bn via FMDQ Commercial Papers

A Nigerian lending fintech is going to the debt market for nearly N7 billion, and FMDQ Exchange just opened the door.
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‎By Chioma Obinagwam
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‎A Nigerian fintech lender has tapped the country’s debt capital market for nearly N7 billion, signalling growing corporate confidence in FMDQ Exchange’s short-term funding infrastructure.
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‎Sycamore Integrated Solutions Limited has secured approval to quote two tranches of commercial papers on FMDQ Securities Exchange Limited, Confiance News has learned. The Exchange’s Board Listings and Markets Committee greenlit a N1.82 billion Series 1 Tranche A and a N5.07 billion Series 1 Tranche B under Sycamore’s N20 billion Commercial Paper Programme.
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‎The technology-driven financial services company said it will deploy the net proceeds to strengthen its working capital base, grow its lending portfolio, and expand its credit offerings to individuals and businesses across Nigeria. BAS Capital Limited, a registered quotations member of FMDQ Exchange, is sponsoring the issuance.
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‎Sycamore, which operates a proprietary technology infrastructure to deliver credit and digital financial solutions, has positioned the fundraise as a strategic move to deepen its reach into emerging market segments and advance financial inclusion.
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‎Reacting to the development, Ms. Tumi Sekoni, Group Chief Operating Officer of FMDQ Group PLC, said the listing underscores the confidence of Nigeria’s corporate sector in the credibility of the Exchange’s platform.
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‎”At FMDQ Exchange, we remain committed to enabling businesses of all sizes to access the capital markets efficiently and transparently, and Sycamore’s presence on our platform is a testament to the growing vibrancy of Nigeria’s short-term capital markets,” Sekoni stated.
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‎She added that the Exchange is pleased to support Sycamore as it advances its growth ambitions and broadens access to financial solutions that contribute to economic development.
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‎FMDQ Exchange is a subsidiary of FMDQ Group PLC, described as Africa’s first vertically integrated financial market infrastructure group, with operations spanning debt capital markets, derivatives, and equity markets through subsidiaries including FMDQ Clear Limited, FMDQ Depository Limited, and FMDQ Private Markets Limited.
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