Nigerian fintech company Cardtonic has raised $2.1 million in seed funding to develop Pil, a new business spend management platform targeting corporate customers in Africa's largest economy.

The funding marks a strategic pivot for Cardtonic as it expands from its consumer-focused roots into the B2B space. Pil aims to help Nigerian companies better control and manage their business spending through a dedicated platform.

Strategic B2B Expansion

The Lagos-based fintech is developing Pil as a comprehensive solution for business spend control, marking a significant evolution in its service offerings. The platform will focus on helping Nigerian businesses streamline their spending processes and improve financial management.

This strategic shift into B2B services comes as Nigerian companies increasingly seek digital solutions for financial management and spend control. The move positions Cardtonic to capture a growing market segment in Africa's most populous nation.

Market Opportunity

Nigeria's fintech sector has seen rapid growth in recent years, with business-focused solutions gaining particular traction as companies digitize their operations. The new funding will enable Cardtonic to develop and launch its Pil platform, addressing the specific needs of corporate customers in the Nigerian market.

The $2.1 million seed round represents a significant milestone for Cardtonic as it expands its service offerings beyond its initial consumer focus. The company aims to leverage its existing fintech infrastructure and market presence to build out the new B2B platform.