Target Global leads Nigerian fintech startup's $3.2m pre-seed funding round
Nigerian fintech startup Kippa raised $3.2 million pre-seed funding in a round led by Target Global with participation from Entrée Capital, Alter Global and Rally Cap Ventures.
Founded in June 2021, Kippa’s goal is to help Nigerian businesses be more sustainable by solving the accounting and bookkeeping challenges. Its mobile app allows users to record sales and expenses, create and send invoices, manage inventory, recover debts and track the profit of their business.
In Nigeria, 96% of the nation’s total businesses are micro, small and medium scale enterprises (MSMEs), which accounted for over half of the GDP in 2020. Meanwhile, in Africa, MSMEs make more than $3.5 trillion transactions annually, with over 90% in cash.
Amidst these figures, most business owners in Nigeria find it extremely complicated to manage their finances and often spend hours navigating manual bookkeeping and tracking accounts.
Kippa is leveraging digital tools to enable small businesses that lack access to professional accountants to perform accounting and bookkeeping efficiently, through product simplicity to understand customer problems but also prioritises building technology with the users first in mind.
Jephtah Chidozie Uche, co-founder and CTO of Kippa said, ”We only build features that our users want and need. The engineering team liaises with the customer success team to build features that solve real problems for our users.”
The co-founders were inspired after stumbling on the problem of manual bookkeeping while travelling across Nigeria in search of a way to change the lives of Nigerians using technology.
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