Cardtonic
Cardtonic is a Nigerian financial technology company that provides a platform for gift card exchange, virtual payment services, and the purchase of consumer electronics. Founded in 2018 by Faturoti Kayode and Balogun Usman, the company is headquartered in Lagos and operates in Nigeria and Ghana.
Originally a manual gift card reselling business, Cardtonic launched its first mobile application in 2020 to automate transactions. In 2024, the company expanded beyond gift‑card trading to include a virtual dollar card, bill‑payment services and a marketplace for consumer electronics. According to Africa Business Communities, the company had more than 1.5 million users by 2025.
The company is privately held and has expanded without taking external venture capital funding. As of 2025, Emmanuel Sohe is chief executive officer.
History
Cardtonic was founded in 2018 by Faturoti Kayode and Balogun Usman as a manual gift card reselling service. The company's early operations involved acquiring discounted gift cards and selling them to individual customers.
By 2019, Cardtonic's customer base had expanded to include small online merchants and dropshipping businesses.
In 2020, Cardtonic launched its first mobile application, which automated previously manual transactions. That same year, the company expanded operations into Ghana.
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.
Between 2023 and 2024, Cardtonic introduced additional services, including a virtual dollar card, bill payment features, and a consumer electronics marketplace. By 2025, the company had more than 1.5 million users.
Products and offerings
Cardtonic's initial offering was gift card exchange, which enabled users to trade gift cards from various international retailers. Between 2023 and 2024, the company introduced additional services, including a virtual dollar card, bill-payment features, and a consumer electronics marketplace.
Community initiatives
Cardtonic launched its community programme, Cardtonic Cares, in 2022. The initiative supports nonprofit organisations and local outreach efforts in Nigeria.
The company also operates Upskill, a programme introduced in 2022 that provides laptop computers to selected young tech enthusiasts in Nigeria.
In 2025, Cardtonic established Tonic FC, a grassroots football club focused on youth development. The club competes in the Nigerian Nationwide League One and has a recruitment and development structure focused on young players. In the same year, Punch reported that five players from Tonic FC were signed by SC Esmoriz, a Portuguese football club.
Awards
Cardtonic was named Startup of the Year at the 2025 MOI Awards, a business and creative industry awards programme held annually in Nigeria.