Nigerian fintech company Cardtonic has raised $2.1 million in seed funding to launch Pil, a new business-focused expense management platform aimed at improving how African companies manage payments and corporate spending. The funding round was backed by angel investors and marks the first time the company has raised external capital since it was founded in 2019.
The investment signals a clear shift in Cardtonic’s strategy. Known for its consumer-facing services, the company is now moving deeper into financial infrastructure for businesses. With Pil, Cardtonic is targeting a growing demand among startups, agencies and large companies for reliable tools that support structured spending, recurring payments and better financial control.
The company says the platform is designed to solve everyday problems that many African businesses face, including failed card payments, unclear spending limits and limited visibility into how teams use company funds. By addressing these gaps, Cardtonic believes Pil can help businesses operate more smoothly and plan their finances with greater confidence.
A Calculated Move Beyond Bootstrapping
Since its early days, Cardtonic has grown without venture capital, relying instead on revenue generated from its retail platform. Co-founded by Balogun Usman and Faturoti Kayode, the company built its business carefully, focusing on sustainability and steady growth.
The decision to raise seed funding came with the development of Pil, which requires a different level of investment compared to Cardtonic’s earlier products. According to the company, building a business expense platform demands strong compliance systems, deep liquidity and infrastructure that can support high transaction volumes across borders.
The $2.1 million raised will be used to put these foundations in place. This includes meeting regulatory requirements, ensuring stable card funding and building systems that can support business users at scale. Cardtonic says these elements are critical for earning the trust of companies that depend on uninterrupted access to their funds.
By raising capital specifically for Pil, Cardtonic is making a clear statement about its long-term direction. The company is positioning itself not just as a fintech service provider but as a builder of tools that form part of a business’s core operations.
Pil and the Business Case for Purpose-Built Tools
Pil was developed from Cardtonic’s own operational experience. As the company expanded, it faced challenges managing its internal spending, particularly around subscriptions, digital advertising and team expenses. Existing solutions proved unreliable, with frequent payment failures and limited control over how funds were used.
To address this, Cardtonic built an internal system to manage its expenses more effectively. Over time, it became clear that these challenges were not unique to the company. Many African businesses face similar issues, especially those operating online or across multiple markets.
Pil is designed as a card spend management platform for businesses with frequent and high-value transactions. Companies can fund corporate cards using Naira, Cedis or stablecoins, while assigning controlled access to team members. The platform also offers centralized oversight, allowing finance teams to track spending and manage budgets more clearly.
In a competitive fintech market, Cardtonic believes Pil stands out because it was built specifically for business use. While some providers adapt consumer tools for corporate customers, Pil was designed from the start to support structured workflows such as approvals, recurring payments and accounting processes.
The company also chose to launch Pil as a standalone product rather than integrating it into its retail platform. Business users, Cardtonic says, have very different needs from individual consumers. By separating the two, the company aims to deliver a more focused and reliable experience for businesses.
Looking ahead, Cardtonic plans to expand Pil’s capabilities. The product roadmap includes physical corporate cards, features tailored to different departments and automated expense flows that reduce manual work. The company is also working on integrations with accounting software such as QuickBooks, Xero and Zoho, which would allow businesses to connect Pil directly to their existing financial systems.
Pil is scheduled to launch officially in January 2026. Cardtonic says the goal is to make the platform a central tool for business spending across Africa.
