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Cardtonic (The Tonic Technologies LTD)

“Can a bootstrapped African consumer gift-card app become the cross-border spend and dollar-access rail for African consumers and SMBs?”

Founded2019
HQLagos, Nigeria
Total raised$2.1M
Latest roundSeed, 2025
IndustryFintech / Consumer banking
The story

Cardtonic was bootstrapped from 2019 as a consumer gift-card trading app for the Nigerian market, growing to 1.5M+ users and 5M+ downloads. In 2025 the company raised its first outside capital — a $2.1M seed — specifically to launch Pil by Cardtonic, a B2B spend-management platform, marking a strategic move from consumer fintech into enterprise financial infrastructure for African businesses. The parent, The Tonic Technologies, now positions itself as a cross-border payments and financial-solutions builder rather than a pure gift-card exchange.

Last 12 months
2025
2025
Product timeline
2019
Cardtonic founded in Lagos as a gift card trading platform· launch
2022
Expanded into virtual dollar cards, bill payments, and gadget commerce· product
2024
Launched Virtual Bank Account (Naira) and Universal eSIM products· banking
2025
Closed $2.1M seed to launch Pil by Cardtonic, a B2B card spend-management platform· pivot
2025
Introduced USDT/USDC card funding for virtual dollar cards· crypto
Regulated entities
2
regulatory licences held by Cardtonic (The Tonic Technologies LTD)
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
0 layers disclosed in Cardtonic (The Tonic Technologies LTD)’s embedded-finance stack
Accounting gap: significant

Cardtonic (The Tonic Technologies LTD) — frequently asked

Where is Cardtonic (The Tonic Technologies LTD) headquartered?

Cardtonic (The Tonic Technologies LTD) is founded in 2019 and headquartered in Lagos, Nigeria.

How much funding has Cardtonic (The Tonic Technologies LTD) raised?

Cardtonic (The Tonic Technologies LTD) has raised $2.1M in total (latest round: Seed, 2025).

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