Patika
Patika, formerly known as Patika Technology Limited, is a fintech company based in Nairobi, Kenya, specializing in digital payment solutions and financial management for small businesses across Africa.
Company Overview
Patika, originally known as Patika Technology Limited, is a fintech company based in Nairobi, Kenya, with a remote and international work presence. The company is backed by notable investors including Y Combinator, Goodwater, and Asymmetry Ventures. Patika specializes in providing digital financial solutions tailored to meet the needs of small businesses in Africa. Their mission is to transform the payment landscape for small enterprises by automating payments and improving cash flow availability.
Products and Services
Patika offers a comprehensive digital wallet designed for managing business finances with bank-grade security. The platform automates payment reminders to customers through SMS, WhatsApp, and Email, and features an auto-reconciliation system for seamless financial management. Other key services include support for recurring payments and solutions tailored to various business verticals such as wholesale distribution, rent billing, collections and reconciliation, school fee payments, self-help groups, lending, and buy now pay later services.
Industry and Sector
Operating within the fintech industry, Patika is specifically focused on the payments sub-sector. The company's solutions aim to enhance payment automation and reconciliation for small businesses. By providing a digital wallet and other financial tools, Patika addresses crucial challenges related to cash flow management and payment collection, making it a significant player in the fintech space across Kenya, Africa, and beyond.
Core Values and Mission
Patika embraces a customer-centric approach, prioritizing customer needs above those of competitors. The company is deeply committed to continuous learning and improvement, focusing on the product rather than the process. Its operational values include speed and agility, which are essential for staying competitive in the fast-paced fintech industry. Patika's mission is to help small businesses in Africa automate the process of tracking customer debts and collecting payments, thereby reducing sales lost to non-payment and increasing collected payments by up to 25%.
Market and Growth
Patika targets the African market with a particular focus on small businesses. Ambitiously aiming to serve 50 million small businesses across the continent, Patika sees a market opportunity exceeding $5 billion. By leveraging innovative financial technologies, the company helps businesses automate debt tracking and payment collection, addressing the significant issue of the 35% of revenue not paid upfront. This strategic focus not only supports business growth but also strengthens the overall economic ecosystem in Africa.