Nigerian business accounting start-up Kippa raises $ 3.2 million pre-seed funding

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Nigerian business accounting startup Kippa has raised US $ 3.2 million in pre-seed funding as it seeks to scale up its financial management application for small businesses.

Launched in June by brothers Kennedy Ekezie and Duke Ekezie with Jephtah Uche, Kippa has developed an application that helps traders increase their cash flow by collecting their receivables.

Using the app, small business owners can track debtors and send automated debt reminders. Merchants using Kippah collect their debts three times faster, freeing up critical cash flows essential to the survival of their business. Merchants can also record sales and expenses, create invoices and receipts, manage their inventory, and track their overall business profit.

The startup announced a US $ 3.2 million pre-seed funding round led by Target Global with participation from Entry Capital, Alter Global and Rally Cap Ventures. A number of leading angel investors also participated in the round, including Sriram Krishnan (investor in Khatabook), Raffael Johnen (CEO, Auxmoney), Babs Ogundeyi (CEO, Kuda), Chris Bouwer (board member , Cellulant), Kyane Kassiri, Edward Suh (Goodwater Capital) and Sajid Rahman.

Kippa will use the funding to further develop its product, which already has more than 130,000 active users across Nigeria. In the past five months, over US $ 300 million has been recorded by traders using the product.

“Our approach is simple. We have chosen to be digitally native rather than continuing to digitize the analog processes that previous players have done. Kippa’s long-term vision is clear: We are developing a complete end-to-end financial management solution for small businesses, playing on all critical layers of the SME digitalization space. Kippa is the first B2B SaaS tool that most of our users have ever used and we are excited to develop for this critical segment, ”said Kennedy Ekezie, CEO of Kippa.

Lina Chong, chief investment officer at Target Global, said it was clear that Kippa’s product was in great need in the market.

“In a very short time since launching, this incredible team has grown the merchant base to over 130,000 monthly active users, up 126% month over month. Our investment in Kippa will allow it to grow and be the premier financial management solution for small businesses in Africa, ”she said.


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