Kenyan fintech startup Popote has secured an undisclosed amount of funding from GreenHouse Capital, a Lagos-based fintech investment company.
Popote receives undisclosed investment amount
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In a press statement, Sam Wanjohi, the founder and CEO of Popote explains that the investment from GreenHouse Capital goes beyond financial gain.
The GreenHouse Capital investment in Popote goes beyond capital.
“They give us access to the knowledge and skills that exist in their ecosystem. Additionally, GreenHouse will introduce PopotePay and our other solutions into the Nigerian market more quickly than we could achieve on our own, especially given their fintech domain expertise and relations with banks that we aim to work with for distribution.”
Popote
Founded in 2013, the Kenyan fintech’s innovative product aims to solve the problem of financial control by leveraging technology with its platform PopotePay.
The easy-to-use platform enables businesses to manage their outgoing payments digitally this includes budgeting, payment initiation, record keeping, accounting, and more.
Wanjohi provides insight into the functions of the platform.
“PopotePay allows businesses to link and payout of multiple bank accounts or mobile money wallets. Completed transactions are stored alongside their notes, attachments, authorization history, and accounting general ledger meaning the accounting part is also done. At the click of a button, records can be retrieved for use in preparing management or audited accounts. The entire process is seamless”, he explains.
The fintech startup aims to simplify the management of outbound cash flow from a business, from day-to-day payments including petty cash, wages, payroll, and more. As the platform aims to simplify this process, it offers accountants and managers the opportunity to focus on a range of other impactful tasks.
Wanjohi points out that the main issue which the fintech product aims to address is the effective management of a business’s finances.
“The high rate of failure of African businesses is largely as a result of poor expense management or internal funds misappropriation. With PopotePay employees can be empowered without loss of oversight or controls. There are only two areas in the payments landscape; income and expenditure. Most fintech have addressed the challenges of income through providing digital payment gateways but expenditure is largely unaddressed.”
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Featured image: Cytonn Photography via Unsplash
