ChapChap, a Ugandan fintech startup that creates reliable financial profiles for MSMEs, has secured a funding round from Nordic Impact Funds to accelerate its commercial growth and social impact creation.
Founded in 2016 by Emmanuel Emodek and James Alituhikya, together with their former primary school teacher Monica Asiimwe Kiconco, ChapChap aims to empower small and medium sized enterprises by giving them access to digital financial tools and resources to help them scale.
The startup helps MSMEs formalise aspects of their business using its Android app, which allows small shops to start operating mobile money agency business, track all transactions that occur in the store, and build a credit profile on the MSMEs.
The undisclosed investment came from Nordic Impact Funds, and will help ChapChap Africa scale its solution beyond 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 companies with proven impact and profitability that are in the process of scaling their business model. The firm applies a gender lens to all investments, and likes to be an active partner to companies it invests in.
“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.
