Kenyan paytech Popote raises funding from GreenHouse Capital
Kenyan paytech, Popote, has raised an undisclosed amount of funding from Lagos-based investment firm, GreenHouse Capital, to help it scale.
Popote launched its primary product, a payment, expense management and accounting solution called PopotePay, in 2017.
It 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.
“He built Popote simply by trying to solve a challenge he faced in his own business.”
Sam Wanjohi, the founder and chief executive officer (CEO) of Popote, says making payments in the old-fashioned way wastes time, risks fraud, destroys productivity, and suppresses growth.
“PopotePay allows businesses to link and pay-out 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 says.
“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.”
See also: Kenyan loans via mobile phones drop 50%, says KCB
GreenHouse Capital was founded in 2014 and is Sub-Saharan Africa’s largest fintech investment fund by portfolio size with 23 start-ups 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,” says Bunmi Akinyemiju, partner at GreenHouse Capital.
Wanjohi states 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.”
