Churpy, a Kenya-based fintech business, is planning to expand throughout Africa by establishing hubs in Egypt, Nigeria, and South Africa, as part of a continent-wide growth strategy fueled by the startup’s recent $1 million early funding.
Unicorn Growth Capital led the seed round, which included participation from Antler East Africa, the Nairobi business angel network, and Rally Cap Ventures.
Churpy’s partner banks operate across Africa, facilitating the startup’s expansion.
Businesses using the SaaS product have access to real-time statements and transaction data from the bank’s ERPs — used to track daily company activities like accounting and supply chain operations — via the startup’s API, which is linked to some of the region’s largest banks, including Citi, Sidian, Stanbic, and NCBA.
Churpy was founded by John Kiptum and Kennedy Mukuna last year. As former employees of the World Bank and Citibank, Kiptum and Mukuna have a wealth of knowledge in the fields of data analytics as well as banking and risk management.
“Unlocking a slew of financial industry-related concepts, products, innovations, and technologies was a piece of cake for us.” We’ve been there, we’ve seen how it works or why it doesn’t function, why it’s slow, why it is ineffective, and why customers are not happy. And thus, what we are doing is inspired by real experiences,” said Kiptum.
For its enterprise SaaS customers, Churpy is also preparing to launch a working capital finance product aimed at small and medium-sized businesses (SMEs).
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