Nigerian enterprise accounting startup Kippa raises $3.2m pre-seed funding

Nigerian enterprise accounting startup Kippa has raised US$3.2 million in pre-seed funding because it appears to be like to scale its small enterprise monetary administration app.

Launched in June by brothers Kennedy Ekezie and Duke Ekezie along with Jephtah Uche, Kippa has developed an app that helps retailers to extend money circulation by recovering money owed. 

Utilizing the app, small enterprise house owners can preserve observe of debtors and ship automated debt reminders. Retailers utilizing Kippa get better money owed thrice sooner, unlocking vital money circulation that’s important to the survival of their enterprise. Retailers may report gross sales and bills, create invoices and receipts, handle their stock, and observe the general revenue of their enterprise

The startup has introduced a US$3.2 million pre-seed funding spherical led by Goal World with participation from Entrée Capital, Alter World and Rally Cap Ventures. Quite a few outstanding angel traders additionally participated within the spherical, together with 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 additional scale its product, which already has greater than 130,000 lively customers from throughout Nigeria. Up to now 5 months, over US$300 million has been recorded by retailers who use the product.

“Our strategy is straightforward. We selected to be digitally native somewhat than pursue the digitisation of analogue processes that earlier gamers have executed. The long-term imaginative and prescient for Kippa is evident – we’re constructing a full-range end-to-end finance administration answer for small companies, enjoying throughout all vital layers of the SME digitisation house. Kippa is the primary B2B SaaS device most of our customers have ever used and we’re excited to construct for this vital section,” Kennedy Ekezie, Kippa’s CEO, mentioned.

Lina Chong, funding director at Goal World, mentioned it was clear that Kippa’s product had a powerful want out there. 

“In a really quick time since launch, this unimaginable workforce has grown the service provider base to over 130,000 month-to-month lively customers, rising by 126 per cent month-on-month. Our funding in Kippa will allow it to develop and be the first-choice monetary administration answer for small companies in Africa,” she mentioned.

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