Duke Ekezie, co-founder and President of the fintech startup Kippa, has confirmed his exit from the company following the closure of Kippa Pay, its agency banking business. While stepping away from daily operations, Ekezie remains a shareholder and continues to provide advisory support to his brother and fellow co-founder, Kennedy Ekezie.
Kippa Pay, the agency banking arm led by Duke, was shut down in October 2023 due to unprofitability, resulting in the layoff of 40 employees. Following this decision, Duke and Kennedy reassessed the company’s direction. Each co-founder identified unique problems to tackle individually, prompting Duke to pursue a new venture aligned with his long-term goals, though he has not disclosed specifics about his next move.
This departure marks a significant shift for Kippa, which recently pivoted to edtech. The startup now focuses on an AI-powered platform that creates and delivers courses via messaging apps. The move represents a departure from its original purpose of providing financial management tools for small businesses.
Kippa was founded in June 2021 by Duke, Kennedy, and Jephthah Uche, after extensive research into the challenges faced by small and medium enterprises (SMEs) in Nigeria. Initially, it aimed to simplify accounting processes for SMEs through a bookkeeping app. The startup went on to raise $11.6 million across two funding rounds, backed by investors such as Goodwater Capital, Target Global, and Rocketship VC.
The company’s evolution has been marked by notable departures, including Uche Jepthat, its third co-founder and CTO, who left in 2022 to co-found Earna, a benefits and wellness platform for employees.
As Duke embarks on his new venture, Kippa’s transition to edtech reflects its ongoing efforts to adapt to market demands and find sustainable growth opportunities.
