After years of quietly bootstrapping its consumer fintech business, Nigerian startup Cardtonic has raised $2.1 million in seed funding to launch Pil, a standalone platform designed to help Nigerian businesses manage corporate card spending and recurring operational expenses.

The round was funded entirely by angel investors, a notable move at a time when early-stage venture capital remains cautious. Cardtonic says it had previously avoided fundraising, choosing instead to grow using revenue from its retail products, which include virtual dollar cards, gift cards, eSIMs and bill payments.

Pil marks Cardtonic’s first deliberate shift away from consumer fintech. Unlike its retail offerings, the new product is built specifically for businesses that deal with predictable, high-volume spending—subscriptions, advertising, software tools and cross-border payments.

With Pil, businesses can fund corporate cards using naira or stablecoins, assign controlled access to team members, set approval workflows and track spending from a single dashboard. Support for additional African currencies is expected as the product expands.

Founded in 2019 by Balogun Usman and Faturoti Kayode, and now led by CEO Emmanuel Sohe, Cardtonic says Pil was born out of frustration. As the company scaled, managing its own operational spend became increasingly difficult. Card limits changed without warning, payments failed at critical moments and foreign platforms came with high fees and little reliability.

“We spend tens of thousands of dollars every month on ads, tools and subscriptions,” one of the company’s co-founders said. “We tried multiple platforms for years because there were no better local options. Eventually, we built our own internal solution just to keep operations stable. That solution became Pil.”

The decision to raise external funding was driven by the need to build stronger infrastructure. Cardtonic says Pil requires deeper investment in compliance, liquidity and systems that can support large teams and consistent transaction volumes—something bootstrapping alone could not sustain.

The move mirrors a broader shift within Nigeria’s fintech ecosystem. As competition intensifies in consumer products, more startups are moving down the stack to build and control core financial infrastructure. Companies like Paystack and Flutterwave have expanded into payment rails and regulatory capabilities, reflecting the growing difficulty of scaling consumer-only fintech models.

Pil will operate independently from Cardtonic’s retail business, allowing the company to focus on the distinct needs of business users. The platform is scheduled to launch in January 2026, with plans to add advanced spending controls, accounting and ERP integrations, and APIs for larger organisations.

In a funding environment where pre-seed and seed deals remain scarce, Cardtonic’s raise stands out—not just for the capital secured, but for what it represents: a Nigerian fintech betting that the future lies less in flashy consumer apps and more in the infrastructure businesses rely on to operate every day.

Nigerian mobility technology company Metro Africa Xpress Inc (MAX) has raised $24 million in a mix of equity and debt to accelerate its expansion into electric mobility and clean energy infrastructure across West and Central Africa, the company said.

The equity round was backed by Equitane DMCC, Novastar Ventures and Triple Jump, alongside Endeavor Catalyst and other global investors. The debt portion includes asset-backed climate financing from the Energy Entrepreneurs Growth Fund (EEGF), which is managed by Triple Jump, as well as development finance partners.

MAX said the funds will be used to expand its electric vehicle (EV) fleet, roll out solar-powered battery-swapping stations, deepen its proprietary internet-of-things (IoT) and fleet management systems, and finance geographic expansion across the region.

The fundraising follows MAX’s return to profitability in Nigeria, its largest market, after the company restructured operations last year to focus on EV financing and asset-backed growth.

“Profitability in Nigeria proves that electric mobility in Africa is not a future concept. It is viable, scalable, and investable today,” said Adetayo Bamiduro, MAX’s co-founder and chief executive. “This capital allows us to scale faster, deepen clean energy infrastructure, and build a pan-African mobility platform.”

Founded in 2015 by Bamiduro and Chinedu Azodoh, MAX has evolved from a delivery and ride-hailing service into an integrated mobility platform spanning vehicle financing, EV assembly, battery systems and subscription-based access. Since 2019, the company has raised about $87 million in total funding, including a $31 million Series B round in 2021 and more than $40 million in institutional debt between 2021 and 2022.

MAX said it has deployed over $56 million in fleet financing, with $44 million repaid through its pay-as-you-go model, which allows commercial drivers to access vehicles with no upfront costs while gradually working toward ownership.

The company operates a local EV assembly facility in Ibadan, Nigeria, with capacity to produce up to 3,600 two- and three-wheel electric vehicles per month. It partners with regional and global manufacturers including Yamaha, Hero and Spiro to produce vehicles adapted for African operating conditions.

MAX currently operates in 20 cities across three countries, with expansion plans covering nine additional African markets. It said it aims to support 250,000 drivers by 2027, with at least half of new vehicle subscriptions expected to be electric, and to exceed $150 million in annual recurring revenue.

Investors said the round reflects growing confidence in Africa-focused electric mobility models that combine commercial returns with climate impact. Anish Jain, group chief executive of Equitane DMCC, said MAX strengthens the firm’s Africa portfolio, while Brian Odhiambo, a partner at Novastar Ventures, said the company was demonstrating that clean mobility can scale profitably.

Triple Jump said the financing aligns with its strategy of backing businesses that deliver both financial performance and climate-positive outcomes in emerging markets.

With battery costs declining and urban transport demand rising, MAX said Africa is approaching an inflection point in mobility and energy adoption.

In October 2024, MAX entered into a strategic partnership with PASH Global, a renewable energy and impact investment firm, to invest $10 million in expanding Nigeria’s electric vehicle (EV) infrastructure. The two aimed developing a network of EV charging stations across urban centers, accelerating Nigeria’s transition to clean, sustainable mobility.

The initiative supports the adoption of electric motorcycles, three-wheelers, and cars, addressing transportation challenges and driving greener, more inclusive urban mobility solutions in Nigeria.

The UK–Kenya Tech Hub has partnered with Viktoria Ventures, Anza Village and advisory firm POV to launch Startup 360 Connect, a new programme aimed at strengthening Kenya’s early-stage investment ecosystem by training angel investors and expanding access to startup capital.

The six-month initiative aligns with the UK–Kenya Strategic Partnership in Science, Technology and Innovation, which seeks to support high-growth startups and attract sustainable investment into Kenya’s technology sector.

At the centre of Startup 360 Connect is the Angel Leads Programme, delivered by Viktoria Ventures, which focuses on building confident, well-trained angel investors and enabling structured capital deployment into early-stage startups. Participants receive training in deal evaluation, syndication and investment execution, and are required to commit USD 1,000 each into a syndicated investment at the conclusion of the programme.

“After years of building the foundations of angel investing in Africa, this programme represents the next phase — moving from awareness to action,” said Stephen Gugu, chief executive of Viktoria Ventures.

Kenya is home to one of Africa’s most active startup ecosystems, but early-stage funding remains concentrated among a small pool of investors. Ecosystem leaders say initiatives such as Startup 360 Connect are designed to broaden participation and reduce individual risk through a syndicate-based investment model.

In addition to investor training, the programme includes a founder readiness component delivered through Startup School Kenya, led by Anza Village in partnership with the UK–Kenya Tech Hub and industry partners. The initiative supports founders in areas including governance, financial literacy, product-market validation and investor engagement.

A third pillar, led by POV through its Growth Path programme, provides founders and investors with exposure to international market entry strategies, particularly into the United Kingdom, and insight into cross-border venture capital networks.

The Angel Leads Programme will run from February to June 2026, and is open to individual and aspiring angel investors, members of investment groups, professionals formalising startup investing activities and impact-focused investors. Applications close on Jan. 30.

Organisers said Startup 360 Connect is expected to help professionalise angel investing in Kenya while strengthening links between East African and UK startup ecosystems, as demand for early-stage capital continues to grow.