The Nigerian Financial Management and Payments Platform, Kippa recently raised $8.4 million in a new round of seed funding to create financial services that will help SMEs.
Kippa is a simple app where small business owners can track their daily income, create invoices and receipts, expense transactions, and manage their business inventory.
Over the years, many small businesses have conducted operations such as money management, inventory tracking, and personnel and vendor records offline, primarily with pen and paper or ledgers.
All of these inefficiencies, besides taking time, lead to errors and affect cash flow and finances, which is why nearly nine out of 10 small businesses fail within the first five years.
Kippa was launched in June 2021 to offer digital business and financial management solutions to small and medium enterprises (SMEs) in Nigeria.
Since its inception, it has so far received investment from backers such as Goodwater Capital, TEN13 VC, Rocketship VC, Saison Capital, Crestone VC, VentureSouq, Horizon Partners and Vibe Capital.
“We expect the number of small businesses doing digital to grow exponentially over the next three to five years. As more small businesses go online, Kippa will own the money button on those merchants’ devices, says Kippa CEO Kennedy Ekezie-Joseph.
In an interview last year in November, CEO Ekezie-Joseph revealed that Kippa had more than 130,000 active businesses, ranging from small kiosks and street corner stores to local food vendors and high-end merchants. .
With Kippa, small business owners can track their daily income and expense transactions, create invoices and receipts, manage inventory, and generally monitor the ebbs and flows of their business over time.
Currently, the company has further expanded its offerings. It provides a suite of financial services that allow small business owners to legally incorporate their business, open bank accounts, receive and send payments, set up online stores, and manage their entire business. business from a single platform.