Nairobi-based fintech startup Popote Pay, which enables business owners to carry out all payment transactions digitally and remotely, has secured an undisclosed amount of funding from Lagos-based GreenHouse Capital to assist it to scale further.
“PopotePay allows businesses to link and payout 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,” Sam Wanjohi, the founder and chief executive officer (CEO) of Popote said.
Photo Credit: Parentsafrica.com
Why The Investor Invested
GreenHouse invests in a spectrum of startups with some of its notable investments being in fintech startups Flutterwave and CredPal as well as healthcare startup Helium Health. Other portfolio of the VC stretches across edtech, cleantech, work as well as ride-hailing. Investment in Popote came partly because its founder Sam Wanjohi is a serial founder, having previously founded Foresight Interiors, a company which focused on the design, manufacture and installation of fitted kitchens, wardrobes and general cabinetry; and Dash2do, which helps busy people with daily tasks through its online platform.
“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,” said Bunmi Akinyemiju, partner at GreenHouse Capital.
PopotePay’s founder also said GreenHouse would, beyond funding, facilitate the launch of the startup in Nigeria.
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A Look At What The Startup Does
Launched in 2017, PopotePay allows business owners to pay for absolutely everything from petties, supplies, salaries, utilities and taxes as well as collaborate on requisition and approvals with team members without the owner having to be physically present. The idea was spawned after Wanjohi came back from a trip in the United States, where his app Globe Rope was awarded with a cash prize of $100k, to find that his accounting book at Foresight Interiors was in disarray. That is, as the sole signatory of his company, being absent meant his staff had to resort to using customers’ payments for expenditure, which left the company in a financial mess.
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“Our clients tell me they now have more time on their hands to do other things and they can never go back to cash and cheques. It’s like a treatment for an ailment one didn’t even know they had. What’s more, it is so simple that anyone can use it. My mum, who is over 70 years old. used to go to the office daily to do monetary approvals. Now she only goes to the office a few times in a week. Popote Pay has enabled her to semi-retire, phone in hand, at her home,” Wanjohi said, in an interview.
Wanjohi also said the high rate of failure of African businesses is largely as a result of poor expense management or internal funds misappropriation.
“With PopotePay,” he said, “employees can be empowered without loss of oversight or controls.”
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer
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