Kippa, a Nigeria-based financial management and payments platform for Nigerian small businesses, has announced that it has raised $8.4 million in seed funding.
The investment came from Goodwater Capital, TEN13 VC, Rocketship VC, Saison Capital, Crestone VC, VentureSouq, Horizon Partners, and Vibe Capital.
The fund will use the funds to expand its services to provide better digital business and financial management solutions to more merchants with small and medium-sized businesses.
"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 merchants, said Kennedy Ekezie-Joseph, CEO of Kippa.
Kippa raised $3.2 million in pre-seed funding in November 2021, with the goal of onboarding merchants to a simple-to-use mobile bookkeeping app to assist them in digitizing bookkeeping and recovering customer debt.
The company offers a suite of financial services that allow small-business owners to legally incorporate their companies, open bank accounts, receive and send payments, create online web stores, and manage their entire business from a single platform.
Company: Africave, Inc.
Round: Seed Round
Funding Month: September 2022
Lead Investors: Goodwater Capital, TEN13 VC, Rocketship VC, Saison Capital, Crestone VC, VentureSouq, Horizon Partners, and Vibe Capital
Company Website: https://kippa.africa/
Software Category: Banking and Finance Management Software
About the Company: Founded in June 2021, Kippa is a disruptive fintech startup that provides digital business and financial management solutions to small and medium enterprises (SMEs) in Nigeria. The team is on a mission to unlock socio-economic prosperity in sub-Saharan Africa by helping SMEs grow their businesses and embrace financial inclusion. Kippa obtained a license from the Central Bank of Nigeria (CBN) to operate as a Super-Agent under the Payment Solution Service license category. The permit allows Kippa to leverage its explosive merchant distribution to turn everyday neighborhood shops into a one-stop shop for essential financial services such as cash withdrawals and deposits, bank account opening, bills and utility payments, and insurance. Kippa serves over 500,000 merchants within its network; the company has seen the annualized transactions recorded on the platform exceed $3 billion.