What Cardtonic does

Cardtonic is a Nigerian fintech company founded in 2019 by CEO Emmanuel Sohe, operating a multi-product digital payments platform headquartered in Lagos (Lekki) with a regional presence in Accra, Ghana. The platform is accessible via web dashboard, iOS app, and Android app, and offers a consolidated suite of services: virtual dollar cards (with Apple Pay, Google Pay, NFC tap-to-pay, and USDT/USDC stablecoin funding), gift card trading across 14,000+ local and international SKUs, bill payments (airtime, data, electricity, TV, internet, betting), universal eSIM for 140+ countries, gadget retail, a virtual Naira bank account, and a Developer API for third-party integrations. The company holds PCI DSS and NDPC compliance certifications.

The company monetizes through a diversified transaction-fee model: card creation fees ($1.50 Regular, $5 Platinum), 2% funding fees, $1 withdrawal fees, 2.5% + $0.50 cross-border fees on the virtual card product, 1.5% (capped at N2,000) on virtual bank account deposits, and per-transaction commissions on gift card trades, bill payments, and eSIM purchases. A tiered loyalty points system with a 10% referral commission (uncapped) supports retention and organic acquisition. The primary customer segments are individual Nigerian and Ghanaian consumers facing local debit card transaction failures and dollar account restrictions, freelancers and digital entrepreneurs needing cross-border payment access, and — as of January 2026 — startups and SMEs via the Pil B2B expense management platform. Cardtonic operated bootstrapped from 2019 until raising its first external capital, a $2.1M seed round from angel investors in January 2026, to fund Pil's development. The company has demonstrated regulatory resilience, adapting to Nigeria's 2021 crypto bank ban by launching Breet for crypto spending.

Name

Cardtonic

Legal name

Cardtonic

Website

https://cardtonic.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

101–250 employees

Short description

Cardtonic is a Nigerian fintech platform offering virtual dollar cards, gift card trading (14,000+ SKUs), bill payments, eSIM, and the Pil B2B expense management tool, serving individual consumers, freelancers, and SMEs across Nigeria and Ghana.

Ownership category

akta.pro rank

Product category

Digital Payments & Fintech

akta.pro primary industry

Card Issuing & Program Management Platforms (BPAMAFAH)

akta.pro secondary industries

Travel Money Cards & Multi-Currency Prepaid (FSAMANAI), BNPL Card / Virtual Card Programs (FSAKACAC), General-Purpose Credit Card Schemes (FSAMAAAA)

Keywords

• Virtual dollar cards
• Gift card trading
• Digital bill payments
• B2B expense management
• Mobile payment platform

Headquarters

HQ city

Lekki

HQ country

Nigeria

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Gift Card Trading Fees: Cardtonic earns fees on every gift card buy or sell transaction. Users can sell unused gift cards for Naira/Cedis at competitive rates and purchase gift cards from 14,000+ options. Revenue is generated per transaction on both buy and sell sides.
2. Virtual Dollar Card Fees: Fees charged across the virtual dollar card lifecycle: card creation fee ($1.50 for Regular, $5 for Platinum), funding fee (2% per transaction), withdrawal fee ($1), declined transaction fee ($0.50), and cross-border non-USD transaction fee (2.5% + $0.50).
3. Virtual Bank Account Deposit Fees: A 1.5% service fee is charged on deposits to the virtual bank account, with a maximum cap of N2,000 per deposit.
4. Reward Points & Referral Program: Users earn reward points per transaction with higher points as they level up through the user tier system. Referrers earn 10% of the reward points their referee earns per transaction. Reward points can be converted to cash, creating a referral commission revenue stream.
5. Bill Payment & Airtime/Data: Cardtonic processes bill payments for electricity, TV subscriptions (DSTV, GOtv, Startimes), internet, airtime, data, and betting wallets, generating revenue through transaction fees on each payment.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels7 records

Core offering

Cardtonic is a Nigerian fintech platform that enables individuals and businesses to buy, sell, and trade over 14,000 local and international gift cards, create virtual dollar cards for online and contactless (Apple Pay/Google Pay) payments funded by Naira, Cedis, or stablecoins (USDT, USDC), pay utility and subscription bills across 100+ countries, purchase universal eSIMs for 140+ countries, and manage team spending through the Pil B2B card spend management platform. It operates as a multi-product digital payments super-app available via web, iOS, and Android.

Product overview

Cardtonic is a Nigerian fintech platform offering a comprehensive suite of digital payment solutions, operating as a multi-product platform rather than a single unified product. The core offering centers on virtual dollar cards enabling international payments and gift card trading (buying and selling over 14,000 local and international gift cards). Supporting services include bill payments (airtime, data, electricity, TV, internet, betting), a universal eSIM service for 140+ countries, gadget retail (Just Gadgets), and virtual Naira bank accounts. The company has expanded into B2B infrastructure with Pil, a card spend management platform for businesses, and offers a Developer API for third-party integrations. Recent launches include the Platinum Card tier with Apple Pay/Google Pay integration and local Nigerian gift card expansion. The platform serves both retail consumers and businesses in Nigeria and Ghana, with payments accepted in Naira and Cedis.

Differentiator

Problem solved

Functional benefit

Brands

• Pil: A B2B card spend management platform designed for businesses running high-volume operations, enabling businesses to fund cards with Naira, Cedi, or stablecoins while providing team access controls, spending visibility, and accounting integration.
• Cardtonic Cares
• Breet

Products and services

• Virtual Dollar Card A virtual dollar card enabling users to shop online, pay for international services, and make global purchases. Supports Apple Pay, Google Pay, tap-to-pay NFC functionality, and stablecoin funding (USDT, USDC). Available in Regular and Platinum tiers for individuals and businesses in Nigeria and Ghana.
• Gift Card Trading (Buy & Sell) Platform for buying and selling over 14,000 local and international gift cards. Supports brands including Apple, Amazon, Steam, Netflix, Nordstrom, Google Play, eBay, and local Nigerian brands such as Justrite, HealthPlus, Spar, and Oriki. Enables users to instantly convert unused gift cards to cash (Naira/Cedis) at competitive rates or purchase gift cards for personal use.
• Bill Payment Consolidated bill payment service covering airtime, mobile data, electricity, TV subscriptions (DSTV, GOtv, Startimes), internet, and betting funding. Available in Nigeria and Ghana with local currency (Naira and Cedis) support.
• Universal eSIM eSIM service for over 140 countries offering instant activation without physical SIM cards. Supports local, regional, and global coverage options with data plans available for purchase using Naira or Cedis.
• Just Gadgets Online gadget and electronics retail service allowing users to shop authentic and affordable devices directly through the Cardtonic app.
• Virtual Bank Account Naira virtual bank account service enabling wallet top-ups, nationwide money transfers, and instant transactions. Requires BVN verification with no minimum balance or maintenance fees.
• Pil - B2B Card Spend Management Platform B2B card spend management platform for businesses with high-volume operations. Provides multi-currency funding (Naira, Cedi, USDT, USDC), team access controls, spending visibility, transaction monitoring, and accounting integration. Targeting African startups and SMEs.
• Developer API API service allowing third-party developers to integrate gift card services including buying and selling capabilities into their own platforms and applications.
• International Bills Service enabling users to pay international utility bills for internet, TV, airtime, data, and electricity in 100+ countries. Payments made in Naira or Cedis with automatic currency conversion.
• Platinum Card Premium tier virtual dollar card offering contactless NFC payments through Apple Pay and Google Pay integration, tap-to-pay functionality, stablecoin (USDT, USDC) funding support, and no monthly maintenance fees. Created for a $5 card creation fee.
• Breet - Crypto Spending A product that allows crypto spending in Nigeria and Ghana, launched as a pivot after Nigeria's Central Bank banned banks from partnering with crypto platforms.

Quantifiable outcome

• Nigeria's gift card market projected to grow from $2.34 billion (2025) to over $3.5 billion by 2029 at 12%+ annual growth rate
• +2 more outcomes

Named customers8 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature8 records

Partnerships

One partnership is on record.

• Irede FoundationminorStrategic or Co-development Partner · 22 June 2026Cardtonic Cares, the social impact arm of Cardtonic, partnered with the Irede Foundation to sponsor a custom prosthetic limb for Hasana, a Nigerian schoolgirl who lost her leg after a water tank collapsed on her. The prosthetic enabled Hasana to walk, play, and return to school. Cardtonic Cares was established to direct the company's platform and resources toward social impact initiatives beyond financial services, marking a CSR/ESG partnership in the health/wellbeing vertical.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Grey: Grey is a direct competitor offering virtual dollar cards to Africans and diaspora, enabling USD spending and FX conversion. Directly comparable product, customer base (Nigerian/African), and business model to Cardtonic's virtual dollar card offering.
• Payday: Payday is a Nigerian fintech offering virtual dollar cards and cross-border payment solutions for individuals and businesses. Closely comparable to Cardtonic's consumer virtual card and B2B Pil platform in the Nigerian market.
• Geegpay: Geegpay provides virtual dollar cards specifically for Nigerians to receive international payments and shop globally. Directly competes with Cardtonic's virtual card business and is targeted at freelancers and remote workers — the same primary segment.
• LemFi: LemFi (formerly Lemonade Finance) offers multi-currency accounts and virtual cards for African diaspora, enabling cross-border payments and global spending. Comparable target customer (African diaspora and freelancers) and product (virtual cards) to Cardtonic.
• Patricia: Patricia is a Nigerian fintech offering gift card trading and virtual cards, with crypto and fiat payment services. Directly comparable to Cardtonic on gift card exchange and virtual card issuance for Nigerian consumers.

Broad incumbents

• Chipper Cash: Chipper Cash is a well-funded Pan-African payments platform offering cross-border transfers, virtual cards, and crypto services. Overlaps with Cardtonic's virtual cards and gift card/crypto payments, but operates as a broader incumbent across more markets.
• Flutterwave (Barter): Flutterwave is a major African payments infrastructure provider; its Barter product offers virtual dollar cards. While broader in scope, Flutterwave competes directly in virtual cards and has substantially more capital and merchant relationships than Cardtonic.
• Paxful: Paxful is a global peer-to-peer marketplace for buying/selling gift cards and cryptocurrency. Directly comparable to Cardtonic's gift card trading business model, with global brand recognition but distinct regulatory exposure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/cardtonic
• Facebookfacebook.com/profile.php
• LinkedInlinkedin.com/company/usecardtonic
• Instagraminstagram.com/cardtonic
• TikToktiktok.com/@usecardtonic

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cardtonic