Nigerian venture fund invests in local fintech startup Popote
By Peter Theuri | March 2nd 2021
Nigerian investment fund GreenHouse Capital has invested in Kenyan start-up Popote Innovations. Popote provides financial technology-driven solutions.
The company’s product, the Popote Pay platform enables businesses to handle their outgoing payments digitally, supported by easier workflow such as budgeting, payment initiation, authorisations, record keeping and accounting.
GreenHouse’s investment in Popote comes at a time when the latter is seeking to address a worrying trend in both the formal and informal business sector in Africa, where over 90 per cent of expenses are still paid in cash and cheques despite the risks and delays among other problems.
The firm did not however reveal the amount invested. Popote Founder and Chief Executive Sam Wanjohi said the capital injection will help fund expansion of the payment platform and help reduce risks and fraud.
“Popote Pay allows businesses to make payments digitally through a process such that upon completion, the transaction history includes explanation notes, attachments, authorisation history... The convenience of accounting at the moment of payment means businesses are always on top of their expenses and can more easily prepare management or audited accounts.”
He said Popote plans to see businesses use its solution, starting with petty cash, then upgrading to suppliers, utilities, wages, payroll and taxes.
“The high rate of failure of African businesses is largely as a result of poor expense management or internal funds misappropriation,” says Wanjohi.
“With Popote Pay, employees can be empowered to use company money with strict limits. While in the field, they can pay via mobile money for taxis, fuel and lunch. The office has real-time visibility. This is much safer than giving cash allowances and processing expense reimbursements.”
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