Nigerian-based startup Kippa has raised $3.2 million in pre-seed funding to improve its financial management app for small business owners.

The funding round was led by Berlin-based VC Target Global. Other participating VC Firms include Entrée Capital, Alter Global and Rally Cap Ventures.

Also, some angel investors like Babs Ogundeyi, Kuda CEO; Sriram Krishnan, an investor in Khatabook; Raffael Johnen, Auxmoney CEO; Chris Bouwer; Kyane Kassiri; Edward Suh of Goodwater Capital; and Sajid Rahman — invested in the startup.

The startup provides a simple app for small business owners to track their daily income and expense transactions, create invoices and receipts, manage inventory and generally monitor how their businesses ebb and flow over time.

According to the startup, one of the most important features of the app is that it helps merchants keep track of debtors and send automated reminders to them. The company claims that merchants who use Kippa this way “recover debts 3x faster.”

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Speaking about the investment round, Kippa CEO,  Kennedy Ekezie stated: “For us, what we do is we have such a unique opportunity to provide financial services to users. For most of them, Kippa is the first B2B SaaS app that they’re using,” And we do have a unique opportunity to help them accept online digital payments, to provide them with working capital, digital savings and plug them into the financial ecosystem.”