Nigerian fintech startup Kippa has raised $8.4 million in an oversubscribed seed round. This round of funding was led by Goodwater Capital, TEN13 VC, Rocketship VC, Saison Capital, Crestone VC, VentureSouq, Horizon Partners, and Vibe Capital.
Kippa was launched only last year but has achieved significant milestones in helping small businesses create financial management systems. It started off with a management app where small business owners are able to keep track of their daily income and expense transactions, create invoices and receipts, manage inventory and monitor the general performance of their business.
In November last year, Kippa raised $3.2 million in pre-seed funding from Target Global and other investors.
The company says that the annual transaction volume on its platform is more than $3 billion. It has grown to accommodate more than 500,000 small enterprises, which is largely supported by its model to accommodate retailers at virtually any level.
Last week, the startup obtained a Super-Agent license from the Nigerian government, allowing it to broaden its range of products.
“What this license does is that it allows us to empower all our customers with tools, and infrastructure to not just accept payments, but to start to offer financial services to their end customers,” Ekezie-Joseph told TechCabal in an earlier interview. “It affords us the opportunity to implement integration with the national switches and allows us to provide business-to-business and platform and services to other fintechs.”
Kippa is just one of the many fintechs in Africa offering progressive solutions to 50 million+ SMEs operating in the continent.