- When one talks about finance, the imagination that runs through the mind is endless calculations, scribbled paperwork and a calculator.
- Maintaining cash flow and proper bookkeeping have been a perennial problem to hundreds of small and medium enterprises (SMEs).
- A group of young Kenyan innovators who founded Mellborn Group, an investment startup, have created an app called tally.it Re-imagining Finance, which enables SMES to manage their businesses.
When one talks about finance, the imagination that runs through the mind is endless calculations, scribbled paperwork and a calculator.
Maintaining cash flow and proper bookkeeping have been a perennial problem to hundreds of small and medium enterprises (SMEs), leaving them unable to adequately tap the pool of funds offered as loans in the financial sector.
A group of young Kenyan innovators who founded Mellborn Group, an investment startup, have created an app called tally.it Re-imagining Finance, which enables SMES to manage their businesses from the comfort of their homes.
The tally.it Re-imagining Finance app is a financial tool that aids SMES to digitally manage their business performance from sales, track employee’s movement and inventory. The app allows SMEs to manage more than 50 businesses from a phone.
“Imagine being in Guangzhou, China attending an SME workshop and running your electrical business in downtown Nairobi, Naivasha or Eldoret,” says Wallace Kadima, the Tally.it and Mellborn Group company managing director.
“You will not need to haggle with your stock manager on why stocks are not totaling with purchases, you simply just have to tally.it.”
Tally.it app is the second flagship fintech product from Mellborn Group that borrows from the matatu management app.
Mellborn Group was founded by a group of young innovators. The firm has six co-founders who are both employees and owners of the company.
Mr Kadima said tally.it was developed in 2018 to help mama mboga manage their small enterprise at an affordable cost. However in 2019, more models were incorporated to allow wholesalers and distributors manage their extensive business outlets.
The tally.it products were officially launched on Google PlayStore for the general market on August, 10, 2020.
Since August, 2020, Mr Kadima says the company managed to setup 110 small shops using tally.it with a recent request to set up one in Garissa. The rest are 15 mid-sized companies with an average of 10 outlets in their business.
“The notable companies who grew with us are Lyma Integrated, County Gas Baraka Gas and Providence Hub.”
He says there has been a huge disconnect between SMES and the financial sector, and it is this gap that the app seeks to bridge.
“On one hand SMEs complain about lack of adequate financial support to boost their business capital while financial institutions complain that SMEs have poor bookkeeping concepts making it hard to audit the value of these SMEs. Tally.it aims to offer the bridge between what SMEs lack in managing their records and financial institutions’ lack of relevant data to properly assess SMEs,” Mr Kadima says.
He said tally.it dream is to have a third metric of business assessment other than SMEs’ banking average to help financial institutions such as lenders have a backup to the already existing cash flow models developed for lending to small businesses.
“The aim is to further open the pool of funding to millions of SMEs and allow them access more capital funding regardless of their banking averages; and all this is real-time and to make it better at the tap of a trader fingertips,” he states. The young university graduates want to use tally.it as a benchmark App to create the Facebook, Uber and WhatsApp moment in Kenya.
Mr Kadima adds that the principal challenge that faced tally.it, like nearly all other startups at their infancy, was cash flow and raising capital. He says 60 percent of capital was raised from family and friends while the rest was from their own savings.