Churpy, a Kenya-based fintech business, is planning to expand throughout Africa by establishing hubs in Egypt, Nigeria, and South Africa, as part of a continent-wide growth strategy fueled by the startup’s recent $1 million early funding.
Unicorn Growth Capital led this seed round. It also included participation from Antler East Africa and Rally Cap Ventures.
Churpy’s partner banks operate across Africa, facilitating the startup’s expansion.
Businesses using the SaaS product have access to real-time statements and transaction data from the bank’s ERPs — used to track daily company activities like accounting and supply chain operations — via the startup’s API, which is linked to some of the region’s largest banks, including Citi, Sidian, Stanbic, and NCBA.
John Kiptum, Kennedy Mukuna and others founded Churpy last year. Kiptum, Mukuna are former employees of Citibank and the World Bank. They have vast knowledge in data analytics and banking as well as risk management.
“Unlocking a slew of financial industry-related concepts, products, innovations, and technologies was a piece of cake for us.” We’ve been there, we’ve seen how it works or why it doesn’t function, why it’s slow, why it is ineffective, and why customers are not happy. And thus, what we are doing is inspired by real experiences,” said Kiptum.
Churpy also plans to launch a working capital loan product for enterprise SaaS customers. This product is aimed at small- and medium-sized business (SMEs).