Nigerian fintech Cardtonic has successfully closed a $2.1 million seed funding round to develop Pil, an independent business spending and expense management platform. This milestone marks a major strategic pivot for the company—transitioning from a consumer-focused retail app into a provider of critical enterprise financial infrastructure.
The funding round, raised from angel investors, is a significant shift for Cardtonic, which has famously operated as a bootstrapped, self-funded entity since its inception in 2019.
1. What is Pil by Cardtonic?
Pil is designed as a “standalone” business-grade operating system for companies that handle high-volume operations, specifically targeting startups and SMEs in Africa. It was born out of Cardtonic’s own internal struggles to manage high-volume advertising payments (on platforms like Meta and Google) and software subscriptions using unreliable card infrastructure.
Key features of the platform include:
• Virtual Dollar Card Management: Businesses can create multiple virtual cards, label them by department or project (e.g., “Marketing Ads” or “SaaS Subs”), and set specific spending limits.
• Multi-Currency Funding: Accounts can be funded using Naira, Cedis, or Stablecoins (such as USDC), providing a hedge against local currency fluctuations.
• Live Visibility: A unified dashboard allows finance teams to monitor real-time transactions, reducing the “firefighting” often associated with untracked company spending.
2. The Strategic Shift: From Gift Cards to Infrastructure
For years, Cardtonic has been a household name in the “retail” fintech space, known for:
• Gift Card Trading: A marketplace for exchanging digital assets for cash.
• Just Gadgets: A retail section for authentic tech hardware.
• Consumer Services: Bill payments, eSIMs, and virtual dollar cards for individuals.
By launching Pil, Cardtonic is entering the B2B (Business-to-Business) sector. CEO Emmanuel Sohe and co-founders Balogun Usman and Faturoti Kayode aim to provide a “firm backbone” for African businesses that need reliable, high-limit cross-border payment rails that traditional banks often struggle to provide.
3. Future Roadmap: Integrations and Expansion
Cardtonic isn’t stopping at virtual cards. The company has a clear roadmap to turn Pil into a comprehensive financial ecosystem:
• Accounting Integrations: Upcoming direct links with QuickBooks, Xero, and Zoho will allow for automated expense flows.
• Physical Cards: Plans are in place to introduce physical business cards for offline corporate spending.
• Developer APIs: Businesses will soon be able to integrate Pil’s infrastructure directly into their own internal systems.
4. Availability and Launch
The Pil platform is officially set to launch in January 2026. It is already positioned to compete with regional players in the expense management space, leveraging Cardtonic’s existing user base of over 1.5 million people and its deep understanding of the Nigerian and Ghanaian markets.
