With operations in 774 Nigerian local governments, the fintech has seen annualized transaction records on the platform surpass $3 billion.
Kippa, a platform for financial management and payments for SMEs in Nigeria, has revealed that $8.4 million has been raised as seed money.
With the goal of introducing merchants to an easy-to-use mobile bookkeeping software to assist them in digitizing bookkeeping and recovering consumer debt, Kippa was founded in June 2021 and raised pre-seed funding of $3.2 million in November 2021.
Numerous international investors, including the following, took part in the oversubscribed seed round: Goodwater Capital, TEN13 VC
Rocketship VC, Saison Capital (the venture arm of Credit Saison)
Crestone VC (led by Inanc Balci, Co-founder and former CEO at Lazada), VentureSouq, Horizon Partners, Vibe Capital
The kind of issues the platform resolves are as follows, according to Kippa:
Running a small business is chaotic, from managing money to keeping track of inventory, business records, staff, and suppliers. Shopkeepers are confronted with manual processes or expensive technology that are time-consuming and prone to errors and wall them off from access to finance to run their businesses.Kippa
Kennedy Ekezie-Joseph, CEO of Kippa, thinks the business is in a good position to serve as the main source of financial services for the more than 49.3 million Nigerians operating SMEs
We expect the number of digitally active small businesses to grow exponentially over the next three to five years. As more small businesses come online, Kippa will own the money button on the devices of these merchantsKennedy Ekezie-Joseph, CEO of Kippa,