A group of investors who are interested in Africa, including Breega, Unicorn Growth Capital, CRE Ventures, Quona Capital, Sherpa Ventures, Ingressive Capital, Unicorn Growth Capital and RaliCap gave Sava , a spend management startup in South Africa raised $2 million in pre-seed funding.
The company, which was formed by Kolawole Olajide, Yoeal Haile, Federicov, andon Bary Landesmann, asserts that it can assist firms in gaining a firmer grip on their spending by helping with the use of tools for spend management as well as the reconciling of financial data.
Small, medium, and large businesses have access to the resources they need to conduct their financial operations in the background, using the spend management model . Also it helps all of the relevant data to get an accurate picture of a company’s true financial health, CEO Haile stated.
Because Banks are usually hesitant to lend money, this is a more significant issue in African economies.
Furthermore,because there is a shortage of datasets, it is hard to assist and insure small firms. This, in turn, leads to businesses being rejected, thereby making the credit gap grow every year.
As a result, with what we are currently working on, we are seeking to find a solution to that challenge.
According to Haile, the beta version of the expenditure management software is expected to become accessible in South Africa by the third quarter.