ChapChap, a Ugandan fintech startup that generates trustworthy financial profiles for MSMEs, has received money from Nordic Impact Funds to help it grow commercially and achieve social impact. Nordic Impact Funds made an undisclosed investment, which will assist ChapChap Africa expand their product 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.

Why The Investor Invested

“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.

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

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A Look At What The Startup Does

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.

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Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer