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.
The stack
5 layers disclosed in Sycamore.NG’s embedded-finance stack
Payments / PSP
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.