ChapChap, a Ugandan fintech startup that creates reliable financial services for Micro, Small and Medium Enterprises (MSMEs) has raised an disclosed amount in a funding round to expand within and outside Uganda. The round was led by Nordic Impact funds, an investor in innovative companies.
The funding round was facilitated by Investure – Impact exchange, a blockchain based technology that enables secure end-to-end investment and matchmaking of investors.
Speaking on the newly raised funds, Lisbeth Stausholm, Founder and Managing Partner of Nordic Impact Funds said, “We are extremely proud of this investment. It has a strong focus on small and often women-owned businesses, who can professionalize and expand their businesses thanks to ChapChap”.
Emmanuel Emodek, Co-Founder and Managing Director of ChapChap also said, “We are very excited to start out 2022 with this capital injection to accelerate our expansion within and beyond the Ugandan market. We are already servicing more than 20,000 MSMEs in Uganda.
“This injection is to facilitate digital capacity and financial inclusion for a million customers.”
Emmanuel Emodek and James Alituhikya founded ChapChap in 2016 with a mission to empower SMEs by giving them access to digital financial tools and resources to help them scale their businesses.
Thus, the company has successfully onboarded 20,000 businesses since the start of its operations, with majority of these businesses being run by youths and women.
With ChapChap’s Android app, small shops can operate a mobile money agency business, track all transactions that occur in the store, as well as build a credit profile.
The company also helps solve the problems of SMEs ranging from access to finance, new revenue channels and business tools.
ChapChap is proffering solution to this by collating transaction histories and using them to create business profiles for SMEs.
ChapChap’s new funding will further accelerate the company’s commercial reach and increase social impact.
It’s mobile app is available on Playstore.
(Wholly reported by Ajifa Treasure Solomon)