Nigerian fintech startup Accounteer has raised an undisclosed amount of funding from early-stage investment platform Microtraction as it looks to expand its customer base of small and medium enterprises (SMEs).
Accounteer has developed online accounting software specifically designed for SMEs and catering to the specific needs of African businesses. Its mobile companion app allows businesses to continue operations when they are offline, while it is also building add-on services for African entrepreneurs which will ultimately help businesses have easier access to credit.
The startup, which previously raised funding from Ventures Platform, has had a strong year already, winning US$50,000 at the MEST Africa Challenge and being accepted onto the Itanna accelerator in Lagos, and it has now secured funding from Microtraction.
Microtraction invests up to US$65,000 in startups at the very earliest stage of their development, and has recently backed a host of Nigerian fintech startups, namely CowryWise, Bitkoin Africa, Wallet.ng, Allpro and Thank U Cash.
“At Microtraction, we believe in startups showing some level of traction either by acquiring users or generating some revenue,” said investment associate Dayo Koleowo.
“Accounteer showed significant traction at the time we invested. They were serving over 2,500 businesses with users across several countries. They were growing at a 10 per cent rate MoM and were generating approximately US$10,000 monthly in revenue. We believed, in that instance, they were on the right track and they could only grow from that point and become an exceptional company. We believe that Accounteer is yet to scratch the surface as there are millions of SMEs across Africa who still need basic accounting solutions to keep their financial books up to date in other to access credit from banks and other financiers.”