Kippa, a Nigerian accounting firm, has acquired $3.2 million in pre-seed funding to help it scale its small business financial management app.
Target Global led the funding round, which included Entrée Capital, Alter Global, and Rally Cap Ventures. Sriram Krishnan (investor in Khatabook), Raffael Johnen (CEO, Auxmoney), Babs Ogundeyi (CEO, Kuda), Chris Bouwer (board member, Cellulant), Kyane Kassiri, Edward Suh (Goodwater Capital), and Sajid Rahman were among the notable angel investors who took part in the round.
Kennedy and Duke Ekezie, along with Jephtah Uche, launched Kippa in June to assist businesses in increasing their cash flow through the collection of past-due bills from customers.
“We take a straightforward approach. Rather than pursuing the digitalization of analogue processes as previous players have done, we elected to be digitally native. Kippa’s long-term strategy is simple: we’re constructing a comprehensive end-to-end finance management solution for small firms that spans all essential levels of the SME digitalization area. “Kippa is the first B2B SaaS solution that most of our users have ever used, and we are delighted to build for this key area,” said Kippa CEO Kennedy Ekezie.
Kippa plans to use the funds to expand its product, which now has over 130,000 active customers across Nigeria. Merchants who use the software have reported over $300 million in sales in the last five months.