Kippa, A Nigerian Startup Has Raised $3.2M In Pre-Seed Funding For Its Finance Management App
Kippa, a startup that aims to improve the functioning of small businesses in Nigeria has raised $3.2 million in pre-seed funding for its finance management app.
A Nigeria based startup Kippa that wants to facilitate the small businesses in financial management has raised $3.2 million in pre-seed funding for its finance management app.
Via the Kippa app, small business owners can keep an eye on their daily income and expense transactions, generate invoices and receipts, manage inventory, and can generally monitor their business performance over time. One of the key features of the app is that it aids the merchants to keep track of debtors and sending automated reminders to them. The app claims that merchants who use the app this way recover debts 3 times faster. The company further says that its free accounting software in Nigeria also assists in automatically generating businesses reports.
The company is founded by Kennedy Ekezie, Jephtah Chidozie Uche and Duke Ekezie.
Many businesses around the globe especially in emerging economies do not have modern technological facilities for managing their financial records properly. They still rely on pen and paper for bookkeeping and ledgers for gathering and storing details.
This is not only time-consuming but risky too as it can lead to errors and also affects cash flow and finance. This is also one of the main reasons startups fail right after the first five or six years of their emergence. The finance management apps in this regard can prove to be very useful especially for small businesses.
The startup because of its utility for small businesses has attracted hefty amount of funding from some prominent investors like Berlin-based VC Target Global, Entrée Capital, Alter Global, and Rally Cap Ventures. The number of angel investors that also participated in the event and invested in the startup were Sriram Krishnan, an investor in Khatabook, Babs Ogundeyi, Kuda CEO Raffael Johnen, Auxmoney CEO, Edward Suh of Goodwater Capital, and Sajid Rahman.
Kippa’s pre-seed round was one of the largest in Nigeria. The startup will invest this money in expanding its merchant base and hiring a new team.
Story Credits: Tech Crunch