Nigerian fintech company Cardtonic has successfully secured $2.1 million in a seed funding round to launch Pil, a new standalone B2B expense management platform. This strategic move signals a significant evolution for the company, which has operated on a bootstrapped model since its inception in 2019. The investment, sourced from angel investors, will fuel Cardtonic's expansion from a consumer-focused service provider into a builder of core financial infrastructure for African businesses.
A Strategic Shift from Bootstrapping to Seed Funding
For years, Cardtonic, co-founded by Balogun Usman and Faturoti Kayode, has thrived without external capital, building its popular retail platform through internal revenue. The decision to raise funds for Pil marks a deliberate departure from this philosophy, driven by the new platform's specific needs. This capital injection is designated for establishing a robust foundation encompassing compliance, liquidity, and the global-scale infrastructure required for a business-centric financial tool.
Introducing Pil: A Solution Born from Internal Need
Pil is designed as a comprehensive card spend management platform for businesses engaged in high-volume operations. It allows companies to fund corporate cards using Naira, Cedis, or stablecoins, while providing controlled access for team members and centralized financial oversight. The platform's genesis lies in an internal solution Cardtonic developed to overcome its own challenges with managing corporate spending effectively and reliably.
The company's direct experience with the problem provides Pil with a unique market advantage, as it addresses firsthand the pain points of modern businesses. These issues include stressful card funding processes, unpredictable spending limits, and critical payment failures for subscriptions and digital ads. This foundation of lived experience, rather than theoretical assumptions, fuels the company's confidence in the platform's value proposition for its target market.
Differentiating in a Crowded Fintech Market
While the fintech market is competitive, Cardtonic's leadership views this as a clear indicator of strong demand for innovative financial solutions. The company aims to differentiate Pil by offering a purpose-built system designed specifically for business operations. This approach contrasts with competitors that often attempt to adapt consumer-grade tools for corporate use, which may not fully address complex business requirements.
The decision to launch Pil as an independent product was a strategic one, based on the distinct usage patterns of retail and business clients. Businesses operate on structured cycles of recurring expenses, budget approvals, and accounting, which demand specialized tools for control and visibility. By creating a dedicated platform, Cardtonic ensures that Pil can cater exclusively to these operational needs without the compromises of a mixed-use product.
Future Ambitions and Platform Roadmap
Cardtonic envisions Pil becoming the definitive operating system for business spending across startups, agencies, and large enterprises in Africa. The development roadmap reflects this ambition, with plans to introduce physical cards, features for specific business departments, and smart automated expense flows. These enhancements are designed to create a seamless and comprehensive financial management experience for a diverse range of corporate clients.
A key part of the platform's strategy involves deep integrations with established accounting software, including QuickBooks, Xero, and Zoho. This will allow businesses to embed Pil directly into their existing financial workflows, enhancing efficiency and data accuracy. With these features in development, the company is positioning the platform for its official launch, which is scheduled for January 2026.
In conclusion, Cardtonic's $2.1 million fundraise for Pil represents a pivotal moment in the company's journey, marking its transition into a provider of essential business infrastructure. By leveraging its own operational challenges to build a targeted solution, the company is well-positioned to address a critical gap in the market. This strategic pivot, backed by new capital and a clear vision, sets the stage for Pil to become a key player in Africa's evolving business landscape.