The company works with banks through its API, which gives MSMEs using its SaaS product access to real-time statements and transaction data that can be used to reconcile pending invoices from multiple enterprise resource planning systems (ERPs).
The product monitors daily company activities like accounting and supply chain operations.
“We are hiring more people as we plan to enter Egypt, Nigeria, South Africa, which are the hubs into their [respective] regions. We are also putting finances into product development as we plan to scale our offering,” co-founder and CEO, John Kiptum, told TechCrunch.
This round was led by Unicorn Growth Capital and saw participation from Antler East Africa, Nairobi business angel network and Rally Cap Ventures.
Antler East Africa had previously participated in Churpy’s $100,000 (Ksh.11.5 million) pre-seed round.
Founded last year by Kiptum and Kennedy Mukuna, Churpy has so far worked with leading banks as Citibank, Sidian, Stanbic and NCBA, and is currently running a pilot programme with notable companies, among them Unga Limited and Chandaria Industries.
“On the dashboard, these companies are able to see who owes them money, how efficient they are at collecting and how liquid they are, and other operational metrics. This allows the chief financial officers and their teams of accountants to get into more strategic roles of the business and follow up on those that haven’t paid,” Kiptum said.
The company is also working towards a capital financing product for MSMEs supplying to the enterprise customers signed up to the company’s SaaS product.
Chirpy says this will enable the MSMEs to get immediate payment for goods delivered to these enterprises,rather than waiting for up to two months as is currently the case.
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