Kenyan fintech startup Popote, which tackles financial control problems threatening SMEs in Africa, has raised a funding round from Lagos-based fintech investment company GreenHouse Capital to help it scale.
Launched in 2014, Popote launched its primary product, a payment, expense management and accounting solution called PopotePay, in 2017. The startup also offers other solutions aligned to its long-term vision to be the world’s leading provider of financial technology-driven solutions that promote team collaboration, mobility, and convenience.
Sam Wanjohi, the founder and chief executive officer (CEO) of Popote, said making payments in the old-fashioned way wastes time, risks fraud, destroys productivity, and suppresses growth.
“PopotePay allows businesses to link and payout of multiple bank accounts or mobile money wallets. Completed transactions are stored alongside their notes, attachments, authorisation 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 said.
“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.”
Popote has now raised funding from GreenHouse Capital, which was founded in 2014 and is now Sub-Saharan Africa’s largest fintech investment fund by portfolio size with 23 startups across eight countries.
“Sam is the epitome of an entrepreneur. Throughout his career, he’s spotted gaps in the market and turned them into opportunities. PopotePay is no different. He built Popote simply by trying to solve a challenge he faced in his own business. Through the undeniable quality of the products and value proposition, PopotePay has grown to serve hundreds of businesses throughout Kenya,” said Bunmi Akinyemiju, partner at GreenHouse Capital.
Wanjohi said 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,” he said.
