How Nigerian Fintech Startup Cardtonic is Redefining Cross-Border Payments
When Nigerian entrepreneur Kayode “Kay” Faturoti set out to help his girlfriend order makeup from Sephora in 2018, he didn’t know he was about to spark the idea for one of Africa’s fastest-growing digital payment platforms. What began as a simple workaround, buying a Sephora gift card on Paxful to bypass Nigeria’s international payment restrictions, has since grown into Cardtonic, a multi-product payments platform serving over 1.5 million users across Africa.
Today, Cardtonic is a lifeline for individuals and businesses struggling with foreign exchange limits, unreliable international cards, and restricted access to global payments. The platform offers alternative solutions such as virtual dollar cards and gift cards, helping customers transact seamlessly across borders.
The origin story is as personal as it is entrepreneurial. In 2018, moving money in and out of Nigeria was a nightmare. Banks made international transactions nearly impossible, and something as simple as placing an online order became a hurdle. Kay recalls how his girlfriend, a makeup artist, tried to buy products from Sephora but couldn’t get the payment through. Determined to find a solution, he discovered a seller offering Sephora gift cards online. He bought one, she redeemed it, and the purchase went through. That small workaround opened Kay’s eyes to a much bigger problem facing thousands of Nigerians.
At the time, Kay was busy running an edutech platform and freelancing as a developer, so he couldn’t pursue the idea immediately. But when the business concept began to take shape, he turned to a trusted friend, Usman Balogun, whom he had known since their student days. Usman’s honesty and business instincts had already impressed him, and Kay decided he was the right person to partner with. He pitched the idea, invested ₦5 million from his savings, and asked Usman to run operations. That was the beginning of Cardtonic.
What started with a manual hustle in 2018 grew quickly. In its first year, Cardtonic had fewer than 500 customers, but the foundation was set. By 2019, the business began to scale by serving dropshipping companies, pushing revenue growth upward. A year later, the first version of the Cardtonic app went live, and user adoption surged to more than 50,000. When Nigerian banks further restricted international card limits in 2021, Cardtonic became the go-to alternative, attracting more than 300,000 users. By 2022, the company launched Cardtonic 2.0 with improved user experience and automation, pushing its customer base past 650,000.
The most transformative moment came in 2023 and 2024, when Cardtonic expanded into virtual dollar cards and evolved into a full multi-product digital marketplace. The platform crossed one million users, with 300,000 monthly active customers and 20,000 daily active users. Today in 2025, Cardtonic serves 1.5 million people and employs over 120 staff.
For Kay, the highlight is not only the numbers but the impact. “Seeing something that started as a small solution become a lifeline for so many Nigerians is a major win for us,” he says.
One of the company’s distinguishing features has been its ability to grow profitably without external funding. Cardtonic was bootstrapped with savings from the co-founders and has thrived by staying disciplined. Kay emphasizes that they deliberately avoided bloated teams, flashy offices, and unsustainable spending. Instead, they automated when necessary, hired cautiously, and ensured every expense justified itself. That lean approach has given the company resilience in a sector where many startups falter.
Cardtonic also stands out in its people-first culture. The founders believe that happy employees create happy customers. Kay explains that new hires are drawn in not just by the paychecks but by the sense of impact that comes with their work. Once they join, retention becomes easier because of the growth mindset the company cultivates.
On the customer side, Cardtonic’s commitment to 24/7 human support has built loyalty. In an era where most companies are automating customer service, Cardtonic insists on maintaining real-time human interaction. “It’s more expensive,” Kay admits, “but young people prefer speaking with real humans, not bots. That personal touch has been key to building trust.”
The company’s growth strategy remains rooted in simplicity. Cardtonic has leaned heavily on organic channels such as Google search, content marketing, and word of mouth, all powered by customer satisfaction. Rather than chasing flashy campaigns or expensive marketing pushes, the company doubles down on what already works. The next big chapter is the expansion of its virtual dollar card offering into the B2B space, targeting businesses and marketers who need reliable tools for global spending.
As Africa’s digital economy expands and global payments remain a challenge for many, Cardtonic is positioning itself as a trusted bridge between local users and international markets. With over 1.5 million customers and a clear roadmap for expansion, the startup that began with a failed makeup order is now rewriting the future of payments in Africa.
For Kay and his team, the mission remains clear: to make payments work, everywhere, for everyone.
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