- Bujeti, a Nigerian fintech account and expense management startup, has secured $2 million in seed funding to scale its all-in-one corporate card issuance and expense management platform.
- The Nigeria startup, which helps Africa’s small and medium-sized businesses (SMBs), enterprises, and other startups manage finances, got this seed investment from lead backer Y Combinator.
- Other investors include Alan Rutledge, Heirloom VC, Tristan Walker, Entrée Capital, Voltron Capital, Unpopular VC, Kima Ventures, Mono CEO Abdul Hassan, and Dropbox co-founder Arash Ferdowsi.
In February 2022, Cossi Achille Arouko (CEO) and Samy Paul Chiba (COO) founded the old fintech. It was during Arouko’s time as the tech lead as Paystack’s tech lead when he saw how BILL Spend & Expense (formerly Divvy), a US finance management solution, managed Paystack’s employees’ expenses, cards, and reimbursement requests that he came up with the idea for Bujeti.
“Seeing Divvy [Now BILL Spend & Expense] and other platforms tackling expense management in the U.S., Europe, and Nigeria, that’s when I thought we could work on that for this [African] market,” Arouko told TechCrunch.
Bujeti’s platform wants to help African businesses issue cards to their employees even as they control their spending.
The fintech offers a simple, fully integrated accounting and expense solution that targets businesses in several industries, such as logistics, healthcare, agriculture, and construction. The Nigerian startup manages the issuance of corporate cards to employees and contractors of the businesses on their platform, streamlining their spending processes.
Businesses on the fintech platform can control and manage expenses by effecting restrictions, spending limits, and approval flows for all stakeholders, from executives and staff to contractors and vendors.
The company is also working to develop a multi-currency feature that will let it manage finance for businesses in different countries. Bujeti's competitors include Duplo, Flex Finance, Allawee, and Boya, another YC-backed fintech startup.
According to the CEO, Bujeti has onboarded about 1,000 businesses across Africa, including Mono, Spleet, and Eden Life, in the last two months alone.
Further, it will use the investment to expand its offerings, scale its growth, and solidify its market presence. It is also working on features for credit lines for SMBs and new products for enterprises.