Ayodeji Ayenuwa
Nigerian fintech firm Bujeti has successfully raised $2 million in a seed funding round led by Y Combinator, a prominent startup accelerator.
The round saw participation from key investors such as Entrée Capital, Voltron Capital, Unpopular VC, Kima Ventures, Dropbox co-founder Arash Ferdowsi, Tristan Walker of Heirloom VC, and Mono CEO Abdul Hassan.
Bujeti, launched in April 2022, is on a mission to simplify financial management for African businesses, particularly those in sectors such as healthcare, logistics, agriculture, and construction.
The startup focuses on streamlining spending processes by facilitating the issuance of corporate cards to employees and contractors, introducing controls like spending limits and approval flows.
Founder and CEO Cossi Achille Arouko highlighted the company’s commitment to empowering businesses, stating, “Our differentiation lies in providing unparalleled control and granularity in financial operations, allowing businesses to digitize their complex payment and finance processes effortlessly.”
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Originally conceived as a B2C platform, Bujeti pivoted to serving businesses to address the critical challenge of expense management.
The recently secured funding is earmarked for accelerating the company’s growth, expanding its market presence, and introducing credit lines tailored for small and medium-sized businesses (SMBs), along with developing new products catering to enterprise needs.
“We believe in their potential to transform how businesses handle their finances, and we’re excited to be a part of their journey,” expressed Mono CEO Abdul Hassan, reflecting investor confidence in Bujeti’s transformative capabilities.
With a focus on providing comprehensive financial solutions, Bujeti’s competitive edge in the African market lies in its combination of expense management and corporate card functionalities, complemented by advanced automation features and multi-entity management capabilities.
The platform addresses unique challenges faced by businesses in Africa, where corporate cards are less accessible, often leading to security issues.
COO Samy Chiba emphasized the platform’s immediate impact, stating, “In the last eight weeks, we’ve onboarded close to a thousand businesses of all sizes, reflecting the trust and recognition of our platform’s efficacy.
Bujeti’s vision involves introducing a multicurrency feature for global payment capabilities, positioning the company for international expansion and setting the stage for reshaping financial processes for businesses across Africa.
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