Kippa, Nigeria-based financial management platform raises $8.4 million in new funding

Oluwajuwonlo Afolabi -

Kippa, a Nigeria-based financial management platform and payments app, has raised $8.4 million in its seed funding round from Goodwater Capital and other investors.

  • The fund will be used to develop its financial products to help small and medium businesses (SMEs) to grow and improve its team in Nigeria, the startup claims.
  • Kippa is a banking and bookkeeping app for micro businesses. It enables businesses to get instant bank accounts, simple bookkeeping, send invoices and receipts, and get an e-commerce website, all in one app.
  • The fintech SaaS startup is reducing inefficiency for small and micro businesses and cutting off the delay associated with manual bookkeeping and ledgers traditionally common among businesses in Nigeria. Users can track daily income and expense transactions and effectively manage their businesses alongside using other features on Kippa's app.
  • It recently launched a feature that enables businesses to get registered in three days in Nigeria and has been licensed by the Central Bank of Nigeria (CBN) to operate agency banking– a feature that enables Kippa's users to act as agents and provide financial services such as account openings, deposits and cash withdrawals, bill and utility payments, and insurance.
  • Kippa last raised $3.2 million in its pre-seed round last November, from Target Global and others. In this new round, TEN 13VC, Rocketship VC, Saison Capital, Crestone VC, VentureSouq, Horizon partners, and Vibe Capital participated.