Ugandan fintech startup ChapChap secures funding round

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, along 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 scale.

The startup uses its Android software to help MSMEs formalize portions of their businesses. The tool allows small businesses to start operating mobile money agencies, track 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 to expand their product beyond 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.