According to a report on Thursday from Techbuild.africa, the South African fintech company Sava has raised $2 million in pre-seed capital for its business-to-business (B2B) spending and budgeting solution.
The organization focuses on two specific business issues: Businesses lack the resources to manage spending, and owners and staff members spend excessive amounts of time on documentation and reconciliations.
The owners of the company founded it as a result of difficulties they encountered in their prior operations.
CEO Yoeal Haile claims that the company’s expenditure management strategy gives firms of all sizes the tools they need to run a financial operating system in the background.
The research observed that because banks have been reluctant to lend, particularly in Africa, it is frequently difficult to support and approve smaller businesses. Because of that, businesses have been turned away, which has contributed to the widening credit gap that has been getting worse every year.
Sava claims that the integration of bank accounts, mobile wallets, payments, and accounting in its software. Additionally, according to Haile, the business plans to give credit cards to clients’ staff.
Investors like Quona Capital, Breega, CRE Ventures, Ingressive Capital, RaliCap, Unicorn Growth Capital, and Sherpa Ventures participate in the round.
Proxtera’s collaboration with several organizations on financial education programs for micro, small, and medium-sized firms (MSMEs) in that region is one of many initiatives to support entrepreneurs in Africa.
Proxtera will collaborate on new programs to develop financial literacy skills for the digital age with the Monetary Authority of Singapore, the International Finance Corporation, and the United Nations Development Programme as part of the effort.
According to Saurav Bhattacharyya, CEO of Proxtera, the program “stays true to our mission of supporting MSMEs, by upskilling them to understand financial services and how best to tap into the digital marketplace effectively and globally.”
