![[Kenya] Fintech startup Popote Payments raises funding from GreenHouse Capital](Images/Key Logos/Popote-Payments.jpg)
[Kenya] Fintech startup Popote Payments raises funding from GreenHouse Capital
Kenyan fintech startup Popote Payments has raised an undisclosed amount of funding from Lagos-based fintech investment company GreenHouse Capital.
The startup, which simplifies the management of payments for companies says it will use this new funding to scale its operations in Lagos.
Sam Wanjohi, the founder and chief executive officer (CEO) of Popote said this new investment from GreenHouse Capital goes beyond financial gain.
“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.
Launched in 2014, Popote Payments allows businesses to manage their day-to-day payments such as budgeting, payment initiation, record keeping, accounting, as well as allow businesses to link and payout to multiple bank accounts or various mobile money wallets.
“PopotePay allows businesses to link and payout of multiple bank accounts or mobile money wallets. Completed transactions are stored alongside their notes, attachments, authorization 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”.
Wanjohi 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. There are only two areas in the payments landscape; income and expenditure. Most fintech have addressed the challenges of income through providing digital payment gateways but expenditure is largely unaddressed.” he adds.
