Exclusive: Kippa Co-founder Duke Ekezie Departs Post Agency Banking Shutdown, Ventures into New Endeavor

Duke Ekezie, the co-founder and President of Kippa, a fintech startup backed by Target Global, has left the company following the discontinuation of Kippa Pay, the agency banking product he oversaw.

Reports indicate that Duke had been absent from the company's Slack channel for several months, and when TechCabal sought comments in December 2023, Duke neither confirmed nor denied his departure.

However, Duke Ekezie has now officially confirmed his exit from Kippa and has embarked on a new venture, although he has chosen not to disclose specific details about the new endeavor. This development marks a shift for Duke as he explores fresh opportunities beyond his role at Kippa.

Duke Ekezie clarified his continued involvement with Kippa, stating that he remains engaged in an advisory capacity and provides support to Kennedy, who is not only his co-founder but also his brother. Despite working on a different business, Duke emphasized that he is still a shareholder and co-founder of Kippa.

Regarding the departure of Uche Jepthat, the CTO and third co-founder of Kippa, Duke declined to comment. Uche Jepthat left Kippa in November 2022, which was two months after the company announced a successful $8.2 million funding round. According to Uche Jepthat's LinkedIn profile, he went on to co-found another business called Earna, which focuses on providing benefits and wellness plans to employees. The circumstances surrounding Uche Jepthat's exit and the subsequent developments within Kippa are not disclosed in the provided information.

In the last quarter of 2023, Duke Ekezie and Kennedy decided to exit the agency banking business within Kippa due to its unprofitability. Duke handed over the day-to-day operations of Kippa to Kennedy as they moved away from the agency banking sector. Duke had previously overseen the company's growth, marketing, and strategy teams and led Kippa Pay, the agency banking business that has now been divested.

Kippa Pay was officially shut down in October, leading to the laying off of 40 employees who were associated with the product.

Following the closure of the agency banking business, Duke and Kennedy returned to reassess their direction. They engaged with SMEs (Small and Medium-sized Enterprises) and large businesses to identify problems they could solve. As a result, two distinct problems emerged, aligning with the long-term goals and ambitions of Duke and Kennedy. They have decided to address these problems individually, each focusing on a different aspect aligned with their respective visions.Duke Ekezie has chosen not to disclose specific details about the problem he aims to solve with his new venture.

Meanwhile, Kippa is undergoing a pivot to the education technology (edtech) sector. In an exclusive report by TechCabal, it was revealed that Kippa is shifting its focus to edtech with an AI-powered platform designed to create courses and deliver them to learners through messaging apps. This strategic pivot reflects a creative shift for Kippa, considering its initial foray into the finance management sector.

Kippa's journey began two years before its official founding when Kennedy and Duke spent a year in Beijing supporting TikTok's expansion into Africa. Collaborating with Jephthah Uche, they launched a finance management platform in June 2021 after extensive travels to major Nigerian commercial centers, such as Lagos, Uyo, Owerri, and Aba. The goal was to understand the challenges faced by small businesses and provide solutions. The result was the creation of Kippa, an app designed to automate accounting processes and alleviate the manual reconciliation pain points experienced by these businesses. The term "Kippa" could be a play on the word "bookkeeper," reflecting its initial focus on financial management.

Kippa successfully secured approximately $11.6 million in funding across two funding rounds. The venture received support from notable venture capital firms such as Goodwater Capital, Target Global, TEN13 VC, Rocketship VC, Saison Capital, Crestone VC, VentureSouq, Horizon Partners, Vibe Capital, Entrée Capital, Alter Global, and Rally Cap Venture.

The fundraising efforts also saw participation from angel investors, further solidifying Kippa's financial backing. Angel investors involved in the funding rounds included prominent figures such as Babs Ogundeyi, the CEO of Kuda; Sriram Krishnan, an investor in Khatabook; Raffael Johnen, the CEO of Auxmoney; Chris Bouwer; Kyane Kassiri; Edward Suh from Goodwater Capital; and Sajid Rahman.

This diverse group of investors reflects a strong vote of confidence in Kippa's potential and its mission to address challenges in the financial and educational sectors.