FinTech startup Kippa is undergoing significant transformation to EdTech

Kippa’s Strategic Shift to EdTech: 

Financial management startup Kippa, previously supported by Target Global, is undergoing a significant transformation by shifting its focus from fintech to edtech.

The company is reportedly piloting a new edtech service designed to empower individuals to create and deliver online courses efficiently, leveraging artificial intelligence (AI).

This initiative comes as Kippa seeks to diversify its offerings and explore new opportunities within the education technology landscape.

Introduction of EdTech Platform

As part of its edtech venture, Kippa has introduced a dedicated website for its new product.

This platform aims to enable users to develop online courses and deliver them in easily digestible, bite-sized formats.

Notably, the courses can be seamlessly distributed using popular messaging tools like WhatsApp and Telegram.

The incorporation of AI technology suggests a forward-looking approach to enhance the learning experience and course delivery methods.

Company Response and Silence

Despite these strategic changes, Kippa has chosen not to comment on the reported pivot and the introduction of its edtech platform.

The company’s silence may indicate a deliberate approach to unveil details at a later stage or a desire to keep certain aspects confidential during the pilot phase.

Challenges Leading to Strategic Shift

Kippa’s decision to pivot from its initial focus on financial management and bookkeeping follows a challenging period in the past year.

In 2023, the company faced difficulties and had to make tough choices, including laying off 40 employees.

The closure of Kippa Pay, its agency banking business, was a significant move, marking a departure from its earlier fintech endeavors.

The unexpected layoffs surprised some employees, as assurances of job security had been given in a prior general meeting.

Transfer of Assets and New Team Dynamics

Following the discontinuation of Kippa Pay, the agency banking product was transferred to Nigerian fintech company Bloc. Some of Kippa’s former employees transitioned to Bloc as part of this process.

The restructuring also included the layoff of the entire engineering team, with fewer than ten individuals reportedly working on the new edtech product.

Notably, key personnel, such as Monty Dimpka, who was laid off, have rejoined in new roles, emphasizing the adaptability and resilience of the team.

Unrealized Projects and Future Prospects

Kippa’s strategic pivot has left behind discontinued and unreleased projects.

Plans to integrate the agency banking product with the bookkeeping app and monetize the Invoice service were halted.

Despite past challenges, there is optimism among some former employees who express support for the company’s leadership, particularly CEO Kennedy Ekezie, noting his positive qualities.

In the midst of this transition, Kippa’s foray into edtech suggests a proactive response to market dynamics and a commitment to exploring innovative solutions in the education technology sector.

The success of the edtech platform will likely depend on its ability to address emerging needs in the education space and deliver value to users.

As Kippa navigates this new direction, the industry will be keenly watching for further developments and insights into its evolving strategy.

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