Ugandan fintech startup ChapChap secured funding from Nordic Impact Funds

ChapChap, a Ugandan fintech firm that generates trustworthy financial profiles for MSMEs, has received money from Nordic Impact Funds to help it grow commercially and achieve social impact.

ChapChap was founded in 2016 by Emmanuel Emodek and James Alituhikya, together with Monica Asiimwe Kiconco, a former primary school teacher, with the goal of empowering small and medium-sized businesses by providing them with digital financial tools and services to help them expand.

The firm uses its Android software to help MSMEs formalise portions of their businesses. The tool allows small businesses to start running mobile money agencies, log all transactions in the store, and develop a credit profile on the MSMEs.

Nordic Impact Funds made an undisclosed investment, which will assist ChapChap Africa expand their product outside Uganda.

“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,” said Emmanuel Emodek, co-founder and managing director of ChapChap.

Nordic Impact Funds invests in early to mid-stage businesses that have demonstrated impact and profitability and are growing their business model. All investments are made from a gender perspective, and the business prefers to be a hands-on partner with the firms it invests in.

“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,” said Lisbeth Stausholm, the firm’s founder and managing partner.