LipaSpot

LipaSpot is a digital application embedded on a Smart POS or Smart Phone to enable businesses to manage their digital payments.

Convertible Note   KE FinTech Pre-seed
105 days left

$78,000
52% of the goal raised

89
Investors

$150,000
Target

25%
Discount

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Highlights

  • LipaSpot has FIRST MOVER advantage - This was the first application in the Kenyan market managing MPESA payments
  • LipaSpot is addressing real challenges being experienced by businesses accepting digital payments
  • Over 200 businesses on smart POS and 4,000 Mobile App users recruited in less than 1 year
  • Four partnerships established with the hospitality, fuel station, rentals and schools' associations
  • Easily scalable to other parts of Africa, starting with East and Central Africa
  • LipaSpot has provided a suitable platform for management of payments, but more importantly for the consolidation of fintech services such as Banking-as-a-service (Baas), Stock Management, Embedded insurance, SME Digital Lending etc

Convertible Note
Financial Instrument

$10
Minimum investment

$5,000,000
Valuation cap

October 28th, 2024
Deadline

Pitch

LipaSpot is a digital application embedded on a Smart POS or Smart Phone to enable businesses to manage their digital payments, transactional data and processes more efficiently. We eliminate or bridge the gaps presented by digital payments or manual processes such as difficulty in identifying source and collection of payments, rampant fraud cases and reconciliation nightmares. These are real challenges that many SME's faces especially with the era of Mobile Money as the preferred mode of payment in Kenya and other African countries. Our application presents a simple and innovative approach to digitizing businesses by first addressing problems and creating a platform and infrastructure that will easily introduce other value-added services to them.

LipaSpot in one year is now trusted by over 200 businesses and 4,000 mobile app users on its network.

PROBLEM

1. Unpleasant customer experience
2. Fraudulent payments
3. Manual Payment reconciliation nightmares
4. Fragmented Digital Payments

SOLUTION

LipaSpot provides a one stop end-to-end solution to digitize business operations essentially improving customer experience, improving staff productivity, cutting losses and streamlining business processes.

REVENUE/BUSINESS MODEL

1. We charge a monthly payment as a service fee
2. Mark up on Smart POS device sale
3. Transaction fees for payment processing and other services

MARKET SIZE

Total Market Available $5B
Serviceable Available Market $2B
Serviceable Obtainable Market $1.5B

MAJOR HIGHLIGHTS

1. LipaSpot has FIRST MOVER advantage - This was the first application in the Kenyan market managing MPESA payments
2. LipaSpot is addressing real challenges being experienced by businesses accepting digital payments.
3. Over 200 businesses on smart POS and 4,000 Mobile App users recruited in less than 1 year
4. Four partnerships established with the hospitality, fuel station, rentals and schools' associations.
5. Easily scalable to other parts of Africa, starting with East and Central Africa.
6. LipaSpot has provided a suitable platform for management of payments, but more importantly for the consolidation of fintech services such as Banking-as-a-service (Baas), Stock Management, Embedded insurance, SME Digital Lending etc.

USE OF FUNDS

Growth - We have invested in a highly scalable platform; the product is beyond MVP stage and is in use by over 200 businesses. The funds go towards:
1. Working Capital - Market and acquire more customers in other regions in Kenya
2. Capex - Purchase of 200 Smart POS devices (Devices will be able to pay for themselves after the first 200)
3. Expansion - We intend to make our entry into Uganda in partnership with an oil company working with us in Kenya
4. Technology - Software development funds will be required to enhance our offering by embedding more services

Overview

Location: KE | LipaSpot @LipaSpot @LipaSpot |

Team



Sam Ndegwa
CEO

Innovative and Creative Leader credited with originating next-level solutions and technology in payments. Built 2 startups offering payment and banking services to local communities and diaspora on a One-Stop basis from scratch into fully-fledged organizations with revenues of over $1.2 Million and 50 FTEs



Jacquelynn Kirui
Co-Founder

Sales Management Professional with over ten years’ experience in the ICT and Financial Fintech/Payment sectors. She has a proven track record of building and developing new business, managing projects, leading and motivating staff to consistently exceed targets.

Documents
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Pitch deck
Brand guide
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