Last week the Central Bank of Nigeria (CBN) issued fintech startup Africave Technologies Limited DBA Kippa a Payment Solutions Services License to operate as a “Super Agent,” empowering the startup with the ability to strengthen its network of merchants and offer them the infrastructure and tools they require to beagle to provide their customers with financial products and services. Speaking on the development, Kippa’s CEO Kennedy Ekezie-Joseph said that “We’ve done an incredible job acquiring and onboarding merchants from all nooks and crannies of Nigeria. We aim to further empower these merchants by providing them with the tools and infrastructure to provide financial services to their customers. This is already yielding results.”
“We have over 500,000 merchants on our app and there’s a lot of opportunities for us to do more for them and provide more financial services. The super agent license allows merchants and typical neighborhood shops who already use our bookkeeping app into a one-stop-shop for essential financial services for their customers,” he added. Today, Kippa is on our radar for raising $8.4 million in an oversubscribed seed funding round.
Kippa’s $8.4 million seed round received investment from investors like Goodwater Capital, TEN13 VC, Rocketship VC, Saison Capital, Crestone VC, VentureSouq, Horizon Partners, and Vibe Capital. The latest round which comes on the heel of a $3.2 million November pre-seed round will allow Kippa to grow its team and develop financial products that’ll help SMEs grow their businesses.
Kippa was launched in June last year by Kennedy Ekezie-Joseph, Duke Ekezie, and Jephthah Uche. The startup portrays itself as an all-inclusive financial management platform for businesses. The startup has served more than 500,000 merchants within its network and records a yearly transaction value of more than $3 billion and is popular for improving the lifecycle of small businesses across Nigeria via its financial management and payments platform.
Kippa’s rivals include Pastel, OZE, Bumpa, Bamba, etc. Kippa’s solutions aid business to run their operations (managing money, inventory tracking, record keeping, etc.) efficiently and completely devoid of papers and ledgers, and errors. Kippa also helps businesses to save time associated with the exacting process. Kippa lets SMEs track their daily income and expenses, create invoices and receipts, and manage their inventory and their business flow over time.
Kippa currently has 130,000 active businesses in the range of kiosks and high-end merchants, according to CEO Kennedy Ekezie-Joseph. One of the startup’s strong points is its presence all over Nigeria’s 36 states thanks to its merchant network.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
