Sava, a South African spend management startup, has secured $2 million in pre-seed funding from a number of investors with an interest in Africa, including Quona Capital, Breega, CRE Ventures, Ingressive Capital, RaliCap, Unicorn Growth Capital, and Sherpa Ventures.
With the use of spend management tools and reconciliation of financial data, the startup, founded by Yoeal Haile, Federico Von Bary Landesmann, and Kolawole Olajide claims that it can help businesses better control their spending.
The spend management model is a technique to provide small, medium, and big enterprises with the tools they require to run their financial operating system in the background. But also to be able to gather the information that provides you a complete 360-degree view of a company’s genuine financial health,” CEO Haile said.
Since banks are generally reluctant to lend, this is a problem that is more acute in African economies.
The lack of a dataset makes it difficult to assist and underwrite small enterprises, which results in businesses being turned away and causes the credit gap to widen year after year.
Therefore, with what we’re developing, we’re attempting to tackle that problem.
According to Haile, the beta version of the spend management platform would be available in South Africa in the third quarter.
Read more on Tech Gist Africa:
Thepeer, a Nigerian startup, gets $2.1 million in seed money to support its expansion across Africa
Zenysis Technologies, a big data startup, has raised $13.3 million in a series B round of funding
Jobop, a Moroccan startup, has secured a $1 million seed round