ChapChap, Ugandan fintech startup completes funding round

ChapChap, a Ugandan fintech startup that creates trustworthy financial profiles for MSMEs, has received funding from Nordic Impact Funds to accelerate its commercial growth and social impact.

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

The startup assists MSMEs in formalizing aspects of their business through its Android app, which allows small shops to start operating mobile money agency businesses, track all transactions in the store, and build a credit profile on the MSMEs.

Nordic Impact Funds made an undisclosed investment in ChapChap Africa, which will allow it to expand its solution beyond Uganda.

“We are very excited to begin 2022 with this capital injection to accelerate our expansion both within and outside of the Ugandan market.” In Uganda, we currently serve over 20,000 MSMEs. “This investment will help a million customers gain digital capacity and financial inclusion,” said Emmanuel Emodek, co-founder and managing director of ChapChap.

Nordic Impact Funds invests in early to mid-stage companies with a track record of impact and profitability that are looking to scale their business model. The firm views all investments through a gender lens and prefers to be an active partner in the companies in which it invests.

“We are extremely proud of this investment. It has a strong focus on small and often women-owned businesses, who can professionalise and expand their businesses thanks to ChapChap,” said Lisbeth Stausholm, the firm’s founder and managing partner.