Nigerian Fintech Cardtonic Secures $2.1M Seed Funding to Launch Pil Business Spending Platform
Nigerian fintech company Cardtonic has closed a $2.1 million seed funding round to develop Pil, an independent business spending and expense management platform. This signals the company’s strategic shift from consumer-facing products into enterprise financial infrastructure. The funding underscores Cardtonic’s evolution from a bootstrapped retail fintech into a provider of essential financial tools for African businesses.
The Tonic Technologies Ltd., trading as Cardtonic, was co-founded by Balogun Usman and Faturoti Kayode (Kay) in 2019, with Emmanuel Sohe currently leading the company as Chief Executive Officer. The platform has established itself as a recognized provider of virtual dollar cards, eSIMs, gift card trading services, bill payment solutions, and gadget retail across Africa.
