Nigerian fintech startup that simplifies expense management, Bujeti, has raised $2 million in a seed funding round.
The funding round was led by Y-Combinator with several other investors which include Entree Capital, Voltron Capital, UnpopularVC, Kine Ventures, and several other Angel investors.
Bujeti disclosed that the seed raised will be used to expedite its growth, expand its market share, and diversify its product offerings.
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The fintech startup is specifically focused on introducing credit lines for small and medium-sized businesses (SMBs) and creating new products tailored to the unique needs of enterprises.
Founder and CEO of Bujeti, Cossi Achille Arouko, emphasized the company’s commitment to collaboration and becoming the go-to solution for the entire business ecosystem, similar to platforms like Teams or Slack.
He said,
“Our differentiation lies in providing unparalleled control and granularity in financial operations, allowing businesses to digitize their complex payment and finance processes effortlessly. Bujeti stands as a digital ally, empowering workplaces and fostering trust among teams.”
Achille added that the company’s imminent goal is to reach $200 million in transaction processing, illustrating the growing demand for a comprehensive, integrated solution like Bujeti.
One of the key investors Abdul Tomiwa Hassan, CEO of Mono speaking on the Bujeti’s funds raised, said,
“We are thrilled to support Bujeti in their mission to revolutionize financial management for businesses across Africa. Bujeti’s innovative platform and the leadership of Cossi Achille Arouko position the company as a game-changer in the industry.
“Investing in Achille and Bujeti was an obvious choice, they address a significantly fragmented market with capable founders who excel in technical and business aspects. We believe in their potential to transform how businesses handle their finances, and we’re excited to be a part of their journey.”
Founded in 2021, initially as a personal finance startup for Blacks in Diaspora, Bujeti diversified into B2B finance management offerings for businesses across Africa.
The startup offers a simple, fully integrated accounting and expense solution that targets businesses in several industries, such as logistics, healthcare, agriculture, and construction.
Bujeti serves as the financial sidekick for CEOs, CFOs, COOs, Finance Managers, Accountants, Team Managers, and Team members/Employees.
It caters to a diverse range of industries, including Agriculture, Technology, Travel & Hospitality, Logistics, Healthcare, Manufacturing, Real Estate, Construction, Retail, Media, and Entertainment.
Also, Bujeti addresses challenges such as paper-based workflows, manual financial processes, and disconnected systems. It aims to unlock success for businesses, by optimizing cash flow, enhancing budgeting and forecasting, ensuring compliance, preventing resource misallocation, and supporting their scaling endeavors.
Notably, the Y combinator-backed startup manages the issuance of corporate cards to employees and contractors of the businesses on their platform, streamlining their spending processes.