Wednesday
September 14
2022

Kippa Reveals $8.4 Million in Funding for Merchants’ Financial Management Platform

By Guardian Nigeria

Kippa, the financial management and payments platform for Nigerian small businesses, has announced that it has raised $8.4 million in a new financing round. The start-up provides digital business and financial management solutions to small and medium enterprises (SMEs) in Nigeria. It has garnered backing from international investors to develop products that will help SMEs grow their businesses.

Even as tens of millions of Africans have come online in the past decade, most merchants in Nigeria still run their businesses offline. Running a small business is chaotic, from managing money to keeping track of inventory, business records, staff, and suppliers. Shopkeepers are confronted with manual processes or expensive technology that are time-consuming and prone to errors and wall them off from access to finance to run their businesses.

“We expect the number of digitally active small businesses to grow exponentially over the next three to five years. As more small businesses come online, Kippa will own the money button on the devices of these merchants, says Kippa CEO Kennedy Ekezie-Joseph.

Photo courtesy of ICT4D.at.

Source: The Guardian (link opens in a new window)

Categories
Investing
Tags
financial inclusion, fintech, impact investing, mobile applications, small business, SMEs