Cardtonic

Cardtonic
TypePrivate
IndustryFintech
Founded2018
FounderFaturoti Kayode
Balogun Usman
HeadquartersLagos, Nigeria
Area served
Nigeria
Ghana
Key people
Emmanuel Sohe (CEO)
Websitecardtonic.com

Cardtonic is a Nigerian financial technology company that provides a platform for gift card exchange, virtual payment services, and the purchase of consumer electronics.[1] Founded in 2018 by Faturoti Kayode and Balogun Usman, the company is headquartered in Lagos and operates in Nigeria and Ghana.[2]

Originally a manual gift card reselling business, Cardtonic launched its first mobile application in 2020 to automate transactions.[3] In 2024, the company expanded beyond gift‑card trading to include a virtual dollar card, bill‑payment services and a marketplace for consumer electronics.[1] According to Africa Business Communities, the company had more than 1.5 million users by 2025.[4]

The company is privately held and has expanded without taking external venture capital funding.[1] As of 2025, Emmanuel Sohe serves as chief executive officer.[5]

History

Cardtonic was founded in 2018 by Faturoti Kayode and Balogun Usman as a manual gift card reselling service.[2] The company's early operations involved acquiring discounted gift cards and selling them to individual customers.[2]

By 2019, Cardtonic's customer base had expanded to include small online merchants and dropshipping businesses.[2]

In 2020, Cardtonic launched its first mobile application, which automated previously manual transactions.[4] That same year, the company expanded operations into Ghana.[1]

A redesigned version of the mobile app was introduced in 2022, and Africa Business Communities reported more than 650,000 active users by the end of that year.[4]

Between 2023 and 2024, Cardtonic introduced additional services, including a virtual dollar card, bill payment features, and a consumer electronics marketplace.[2][3] By 2025, the company had more than 1.5 million users.[4]

Products and offerings

Cardtonic's initial offering was gift card exchange, which enabled users to trade gift cards from various international retailers.[6] Between 2023 and 2024, the company introduced additional services, including a virtual dollar card, bill-payment features, and a consumer electronics marketplace.[7][8]

Community initiatives

Cardtonic launched its community programme, Cardtonic Cares, in 2022.[9] The initiative supports nonprofit organisations and local outreach efforts in Nigeria.[9][10]

The company also operates Upskill, a programme introduced in 2022 that provides laptop computers to selected young tech enthusiasts in Nigeria.[11][10]

In 2025, Cardtonic established Tonic FC, a grassroots football club focused on youth development.[12] The club competes in the Nigerian Nationwide League One and has a recruitment and development structure focused on young players.[12][13] In the same year, Punch reported that five players from Tonic FC were signed by SC Esmoriz, a Portuguese football club.[14]

Awards

Cardtonic was named Startup of the Year at the 2025 MOI Awards, a business and creative industry awards programme held annually in Nigeria.[15]

References

  1. ^ a b c d Michael, Chisom (2025-09-27). "Cardtonic's journey: From gift card trading to digital finance". BusinessDay. Lagos, Nigeria. Retrieved 2025-10-22.
  2. ^ a b c d e "From Gift Cards to Fintech: Inside Nigerian Cardtonic's Bootstrapped Story". WeeTracker. 2025-09-23. Retrieved 2025-10-22.
  3. ^ a b Ayemoba, Marketing Report | Andrea. "[Interview] Kayode Faturoti, Co-Founder, Cardtonic, Nigeria". MAfrica Business Communities. Retrieved 2025-12-04.
  4. ^ a b c d Kanali, Marketing Report | Nixon. "How Nigerian fintech startup Cardtonic is redefining cross-border payments". MAfrica Business Communities. Retrieved 2025-10-22.
  5. ^ Ayemoba, Marketing Report | Andrea. "[Interview] Emmanuel Sohe, CEO, Cardtonic, Nigeria". MAfrica Business Communities. Retrieved 2025-12-04.
  6. ^ "Making the Best of Surge in Gift Card Trading". This Day. Retrieved 2025-12-04.
  7. ^ Nwosu, Emmanuel (2025-08-23). "Cardtonic wants to be a super app for payments and e-commerce". TechCabal. Retrieved 2025-10-22.
  8. ^ "Inside Nigeria's USD 2 B Gift Card Economy: From Liquidity Fix to Fintech Feature". WeeTracker. 2025-09-09. Retrieved 2025-12-04.
  9. ^ a b Ashiru, Grace (2025-09-02). "Transaction-Based Charity Model Drives Consistent Community Outreach in Nigeria's Fintech Sector". Tech In Africa. Retrieved 2025-12-04.
  10. ^ a b Press, NM. "Building Sustainable Futures: Cardtonic upskills, reaches communities (2022–2025) - Nairametrics". nairametrics.com. Archived from the original on 2025-09-08. Retrieved 2025-12-04.
  11. ^ Hamzat, Rasheed (2025-06-24). "How Nigeria's Cardtonic is Quietly Powering Africa's Next Tech Generation". Techparley Africa. Retrieved 2025-12-04.
  12. ^ a b Nkosi, Mamsi (2025-09-09). "From Fintech to Football: Cardtonic Launches Tonic FC to Power Grassroots Talent in Nigeria". IT News Africa | Business Technology, Telecoms and Startup News. Retrieved 2025-12-04.
  13. ^ Eludini, Tunde (2025-08-29). "Football and youth empowerment: How Tonic FC is building opportunities for Nigeria's grassroots talents". Premium Times. ISSN 2360-7688. Retrieved 2025-12-04.
  14. ^ Report, Agency (2025-09-24). "Portuguese club sign five players from Lagos-based Tonic FC". The Punch. Retrieved 2025-12-04.
  15. ^ Onibalusi, Ayodeji (2025-12-02). "Adekunle Gold, Tunde Onakoya, Mama Deola Win Big at the MOI Awards – Full list of winners". OYO Gist. Retrieved 2025-12-04.

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