Kippa, Payall, Trek Health and more
Our weekly fintech roundup for you to get the latest funding news from around the world. With Kippa, KolayBi, Neem, Payall and Trek Health.
Kippa lands 8.4 million dollars
Nigerian financial management and payment platform for small businesses, Kippahas landed 8.4 million dollars in a new financing round.
The round saw participation from Goodwater Capital, TEN13 VC, Rocketship VC, Saison Capital, Crestone VC, VentureSouq, Horizon Partners and Vibe Capital.
Founded in June 2021, Kippa provides digital business and financial management solutions for African SMEs to enable them to grow. It gives business owners the ability to incorporate their business, open bank accounts, receive and send payments, build online stores and manage finances on one platform.
Kippa previously raised pre-funding of $3.2 million in November 2021 and has since obtained a license from the Central Bank of Nigeria and claims over 500,000 merchants in its network with an annual transaction of over $3 billion.
Cloud-based software developer for accounting and finance KolayBi has secured 1.15 million dollars in a new financing round, in which TechOne VC and Turkey’s leading venture capital fund participated.
It intends to use the funds to develop new products to serve 100,000 customers by 2023 as per its growth strategy.
“In the third quarter of this year, we are focusing on growing abroad, mainly in the European and Middle Eastern markets,” says Gokhan Boyana, KolayBi’s CEO. “In line with this goal, we are going to offer KolayBi SaaS to foreign SMEs.”
Founded in 2017 and based in Turkey, KolayBi offers “time-saving and cost-effective” solutions to ease the financial and accounting processes of small and medium-sized enterprises (SMEs) and enable them to track their financial data from a single platform.
“When clients enter income, expenses and costs correctly into KolayBi’s system, they can track profits, losses and immediate cash flows,” the firm says.
In addition, the company also plans to integrate with all banks in Turkey with a Banking-as-a-Service (BaaS) offering, allowing KolayBi users to have a unique account number and ATM card.
Pakistani Embedded Finance Platform Neem have raised 2.5 million dollars in a seed funding round.
Neem raises $2.5 million seed
Investors include SparkLabs Fintech, Arif Habib Ltd, Cordoba Logistics and Ventures, Taarah Ventures, My Asia VC, Concept Vines, Building Capital, Outrun Ventures and other angels.
The money will enable Neem’s embedded finance platform to bring financial well-being to Pakistan’s underbanked communities – both individuals and businesses.
“The core of our model is to embed Neem into various value chains across various communities, and our B2B2C platform leverages deep trust and relationships with pre-existing platforms,” says Naeem Zamindar, co-founder at Neem.
“We augment these platforms by bringing financial services to their end customers at a highly accessible and low acquisition cost.”
Founded in 2019 by fintech founders Nadeem Shaikh, Vladimira Briestenska and Naeem Zamindar, Neem embeds financial products and services into communities across various sectors, including agriculture, MSME, e-commerce, fintech, logistics, healthcare and others.
Payallthe first ever bank processor for cross-border payments and international money transfers, has closed a 10 million dollars seed round led by a16z.
Additional participants in the round are lead seed round investor Motivate VC along with PS27 Ventures and Bridgeport Partners, with SAFE conversions from RRE Ventures and Transcard. Several angel investors also participated.
Founded in 2018 and based in Miami, USA, Payall claims to be the world’s first bank processor for cross-border payments. The software allows regulated financial institutions worldwide to make cross-border payments “quickly and securely”.
It also automates compliance and processes to protect financial institutions and their customers and enables transparency for foreign payer KYC, sanctions controls, commercial activity documentation and new artifacts to prevent illegal activity.
Payall aims to use the funds to accelerate product capacity, expansion and revenue growth.
Trek Healtha payment and insurance workflow automation platform for mental health provider groups, has closed a 2.7 million dollars seed round led by Lionheart Ventures.
Individual and institutional investors participating in the round include Founder Collective, Jack and Max Altman of Altman Capital, Matt Brezina of Ford Street Ventures, Snapdocs CEO Aaron King, Okta CEO Frederic Kerrest, former Salesforce Chief Strategy Officer Clarence So, former One Medical VP of Operations Rich Menendez, among others.
Founded in 2021 and headquartered in San Mateo, California, Trek Health’s platform offers solutions for mental health providers, including instant claims, automatic claims generation and submission, and payer enrollment across 900+ insurance networks.
“Our goal is to enable mental health providers and facilities to spend all their time on care delivery, rather than the tedious tasks of getting paid,” says Trek Health CEO and founder Dilpreet Sahota.
“We’re starting with mental health, and plan to expand to other health verticals over time.”
