Nigerian startup Kippa, an all-in-one financial management solution for small businesses in Africa, has announced that it has secured $8.4 million in a seed round.
The round was led by investors such as Goodwater Capital, TEN13 VC, Rocketship VC, Saison Capital, Crestone VC, VentureSouq, Horizon Partners, and Vibe Capital.
In 2021, the fintech had raised $3.2 million in a pre-seed funding round led by Berlin-based VC Target Global. This brings the total raised to date to $11.6 million.
Founded by CEO Kennedy Ekezie, Duke Ekezie, and Jephthah Uche in February 2021, Kippa is financial management platform specifically developed for SMEs to manage their businesses. The startup helps businesses manage their finances, track, keep records of their income and expenses, and send reminders to debtors.
Kippa says the new funding will be used to develop financial products that help SMEs grow their businesses and grow its team in Nigeria.
The company has served over 500,000 merchants within its network, recording an annual transaction value of over $3 billion.
The startup recently announced that it has obtained a Super Agent Banking Licence from the Central Bank of Nigeria. With this approval, Kippa will build its network of merchants, providing them with the infrastructure and tools to offer financial products and services to their customers.
Kippa also recently appointed two seasoned fintech veterans Toyin Albert as Executive Director, Payment Services, and Niyi Ajao as an Independent non-Executive Director.