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Home Industry InsightsFintech African Fintech Bujetu backed by Y Combinator, Raises $2M for its corporate cards and spend management platform

African Fintech Bujetu backed by Y Combinator, Raises $2M for its corporate cards and spend management platform

The African startup, Bujeti has raised $2 million in seed funding and received the capital from lead investor Y Combinator

Women's Tabloid News Desk
Women's Tabloid News Desk

Bujeti, an African corporate cards and spend management platform, has successfully secured $2 million in seed funding. The investment round was led by Y Combinator and saw participation from other backers, including Entrée Capital, Voltron Capital, Unpopular VC, Kima Ventures, Arash Ferdowsi (Dropbox co-founder), Alan Rutledge, Tristan Walker of Heirloom VC, and Mono CEO Abdul Hassan.

The startup, founded in April 2022, focuses on assisting African businesses, including SMBs, startups, and enterprises, in managing and handling their finances. Bujeti targets sectors such as healthcare, logistics, agriculture, and construction, providing corporate cards to employees and contractors to streamline spending processes. The platform includes features for effective expense control, implementing spending limits, restrictions, and approval flows for different stakeholders in the business chain.

Bujeti plans to use the funding to accelerate its growth, expand market presence, and enhance its offerings. Future features in the pipeline include introducing credit lines for SMBs and developing new products tailored for enterprises.

Led by founder and CEO Cossi Achille Arouko and COO Samy Chiba, Bujeti has rapidly onboarded nearly 1,000 businesses across Africa in the last eight weeks. The platform differentiates itself by offering both expense management and corporate card functionalities, providing superior automation features and multi-entity management. This allows users to efficiently oversee teams across diverse locations, departments, or geographies.

The African corporate card landscape faces challenges due to low card penetration in traditional industries. Bujeti aims to address this by allowing companies to issue cards to employees while maintaining control over spending. The platform is actively working on introducing a multicurrency feature to enable businesses to pay staff in different countries, positioning Bujeti for potential international expansion.

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