Kippa, a fintech startup backed by Target Global, saw the departure of its co-founder and President, Duke Ekezie, following the shutdown of Kippa Pay, the agency banking product he supervised. Ekezie confirmed his exit and reported working on a new venture, though he didn’t provide specifics.

He continues to hold a shareholder position at Kippa and provides advisory services.

It’s worth noting that Uche Jepthat, the CTO and third co-founder, also left the company in November 2022, shortly after Kippa raised $8.2 million in a second funding round. Since leaving, Jepthat co-founded Earna, a company that offers employee benefits and wellness plans.

Kippa Pay’s closure resulted in the lay-off of 40 employees. Duke Ekezie then focused on identifying problems within SMEs and large businesses that Kippa could address. Although Ekezie did not clarify his new venture’s central issue, it’s understood to align with his long-term objectives.

Following these changes, Kippa plans to pivot to edtech with an AI-powered platform that designs and teaches courses via messaging apps. Before Kippa’s conception, the co-founders contributed to TikTok’s expansion into Africa. In response to their discovery of manual reconciliation burdens for businesses, they developed Kippa to automate accounting processes.

To date, Kippa has raised approximately $11.6 million across two funding rounds from various VC firms and angel investors.

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