In a groundbreaking move within Africa's fintech landscape, corporate cards and spend management platform Bujeti has successfully raised $2 million in seed funding. Leading the investment charge is Y Combinator, with significant backing from other key investors including Entrée Capital, Voltron Capital, Unpopular VC, Kima Ventures, and notable figures such as Dropbox co-founder Arash Ferdowsi, Alan Rutledge, Tristan Walker of Heirloom VC, and Mono CEO Abdul Hassan.
Bujeti, a two-year-old fintech based in Africa, specializes in revolutionizing how businesses, ranging from SMBs and startups to enterprises, manage their finances. The platform provides corporate cards to employees and contractors in sectors like healthcare, logistics, agriculture, and construction. By streamlining spending processes, Bujeti enables these businesses to implement spending limits, restrictions, and approval flows for different stakeholders in the business chain.
With this fresh injection of capital, Bujeti is poised to accelerate its growth trajectory, expand its market presence, and enhance its offerings. The company's future roadmap includes the introduction of credit lines for SMBs and the development of new products tailored for enterprises.
Founded in April 2022 by CEO Cossi Achille Arouko and COO Samy Chiba, Bujeti emerged from the duo's previous roles at Paystack and Ariane Space. The startup initially aimed at a consumer-centric approach but later pivoted to focus on servicing businesses, recognizing a significant gap in expense management within the African market.
In Africa, where traditional business sectors contribute significantly to the GDP, card penetration remains low, leading to shared cards and associated security issues. Bujeti seeks to address this challenge by empowering African companies to issue cards to employees while retaining control over spending. This approach ensures flexibility for employees within preset budgets and accelerates expense approval processes.
Bujeti has made significant strides in the last eight weeks, onboarding nearly 1,000 businesses across the continent. The startup aims to reach ₦200 million (~$200,000) in processed transactions soon, with notable clients including Mono, Spleet, and Eden Life.
Setting itself apart from competitors like Duplo, Flex Finance, Allawee, and Boya, Bujeti distinguishes itself by offering both expense management and corporate card functionalities. The platform's superior automation features and multi-entity management provide users with efficient oversight across diverse teams and locations.
Aiming to stay at the forefront of innovation, Bujeti is actively working on introducing a multicurrency feature. This strategic enhancement positions the company to facilitate international expansion, aligning with its commitment to providing cutting-edge financial solutions for businesses across borders. As Bujeti continues to redefine corporate finance in Africa, its recent funding round marks a significant milestone in its journey towards reshaping the financial landscape for businesses on the continent.
