Churpy, a Kenyan fintech startup, eyes hubs in South Africa, Nigeria and Egypt, driven by the US$ 1 Million in seed funding that it has raised.
The startup seeks to change how businesses manage debt from customers through its SaaS product- which automates the reconciliation of incoming payments and invoices.
This process is still predominantly manual for most local companies.
Churpy is linked to Stanbic, Citibank, NCBA and Sidian through its API link, which gives firms real-time statements and transaction data to track firms’ daily accounting and supply chain operations.
Churpy co-founder and CEO John Kiptum said it is recruiting additional staff as it prepares to enter South Africa, Nigeria and Egypt.
Churpy partner banks have a presence across Africa, which, Kiptum said, will make it easier for the startup to scale its operations.
Kiptum co-founded Churpy together with Kennedy Mukuna. The two met last year at an Antler East Africa accelerator program.
Both partners have extensive backgrounds in banking, risk management and data analytics; experience gained working with the World Bank and Citibank.
The two have been joined by James Kanyangi, who has vast experience in payment operations, AI and robotics.
Churpy is undertaking a pilot with Unga Limited and Chandaria Industries.
Kiptum said firms can view their debtors on the dashboard, how liquid they are, how to collect debt efficiently, and other operational metrics. Accountants and Chief Financial Officers can effectively play their strategic roles and follow up on those that haven’t paid.
The start up’s recent seed round was led by Unicorn Growth Capital, with participation from Antler East Africa (following on after a $100,000 pre-seed), Nairobi business angel network and Rally Cap Ventures.