ApideckTape
← Embedded Finance Index 2026

Sycamore.NG

“Can an African digital lender become a full-stack financial services group by graduating from BaaS virtual wallets to operating its own MFB charter?”

Founded2018
HQLagos, Nigeria
FoundersBabatunde Akin-Moses
Total raised$5.1M
IndustryFintech / Lending
The story

Sycamore started in 2018 as a Nigerian digital lender and peer-lending platform (‘loan friends’). It has since evolved into Sycamore Capital Group — a multi-entity fintech spanning credit, savings, structured investments, bill payments and transfers. The most material infrastructure shift is the move from virtual-wallet BaaS (previously running on Wema Bank and Providus Bank rails) to operating its own Microfinance Bank licence, issuing direct MFB account numbers to customers. A Sycamore UK entity anchors diaspora/international strategy.

Last 12 months
—
Product timeline
0
Expanded into savings and structured investment products via Sycamore Investment & Asset Management Ltd· banking
0
Launched Sycamore UK to serve diaspora customers· pivot
0
Transitioned into a Microfinance Bank (MFB) structure, issuing account numbers directly rather than Wema/Providus virtual wallets· banking
0
Launched Sycamore Express — up-to-₦20M loans within ~3 hours· lending
2018
Founded as peer-to-peer / SME lending platform in Nigeria· lending
Regulated entities
2
regulatory licences held by Sycamore.NG
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
Same company
Sycamore.NG was analysed under more than one name on the same domain, so its stack is split across these dossiers. Each was analysed independently and may name providers the others do not.
Sycamore2 layers →
The stack
5 layers disclosed in Sycamore.NG’s embedded-finance stack
Payments / PSP
PaystackFlutterwaveKorapaySystemSpecs (Remita)NIBSS
Banking / BaaS
in the full report
Lending
in the full report
KYC
in the full report
Investing
in the full report
Accounting gap: significant
14 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.

Sycamore.NG — frequently asked

What bank does Sycamore.NG use?

Sycamore.NG discloses Sycamore MFB (in-house), Wema Bank (legacy virtual wallet) and Providus Bank (legacy virtual wallet) as its banking providers, according to the Embedded Finance Index 2026.

Is Sycamore.NG a bank?

Sycamore.NG does not disclose a bank charter of its own; its banking services are provided through Sycamore MFB (in-house), Wema Bank (legacy virtual wallet) and Providus Bank (legacy virtual wallet).

Who is Sycamore.NG's payment processor?

Sycamore.NG processes payments through Paystack, Flutterwave, Korapay, SystemSpecs (Remita) and NIBSS.

Which KYC provider does Sycamore.NG use?

Sycamore.NG uses NIBSS (BVN), NIMC (NIN) and OkHi for KYC and identity verification.

Who provides Sycamore.NG's lending?

Sycamore.NG's lending and capital products are provided by Sycamore (in-house).

Who powers Sycamore.NG's investing products?

Sycamore.NG's investing and wealth products are powered by Sycamore Investment & Asset Management Ltd (in-house).

What is Sycamore.NG's embedded finance stack?

The Embedded Finance Index 2026 maps 5 layers in Sycamore.NG's stack: Payments / PSP (Paystack, Flutterwave, Korapay, SystemSpecs (Remita) and 1 other); Banking / BaaS (Sycamore MFB (in-house), Wema Bank (legacy virtual wallet) and Providus Bank (legacy virtual wallet)); Lending (Sycamore (in-house), Personal loans, Business/SME loans, Contract financing and 3 others); KYC (NIBSS (BVN), NIMC (NIN) and OkHi); Investing (Sycamore Investment & Asset Management Ltd (in-house)).

Who founded Sycamore.NG?

Sycamore.NG was founded by Babatunde Akin-Moses and is founded in 2018, headquartered in Lagos, Nigeria.

How much funding has Sycamore.NG raised?

Sycamore.NG has raised $5.1M in total.

Benchmark your own stack

Request an embedded finance strategy assessment

Get a read on where your own stack stands against Sycamore.NG and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.

  • Your category, mappedHow your stack compares to Sycamore.NG and the other companies in its category.
  • Build vs. buyWhere a provider relationship would close a gap faster than building it.
  • A named analyst, not a form replyA short call to scope what's actually worth assessing for you.

No newsletter, no sharing your address. We use this to reach out about the assessment and nothing else.