Bujeti, an African corporate cards and spend management platform, has secured $2 million in seed funding, led by Y Combinator.
Bujeti also received funding from Entrée Capital, Voltron Capital, Unpopular VC, Kima Ventures, Arash Ferdowsi – Dropbox Co-founder; Alan Rutledge, Tristan Walker of Heirloom VC, and Mono CEO Abdul Hassan.
The fintech company, founded in April 2022, aims to enhance expense management, offering a dynamic work environment for individuals passionate about making a meaningful impact. Bujeti values transparency, innovation, customer focus, excellence, and integrity, with a mission to empower businesses through its comprehensive expense management platform.
The company targets various sectors, including healthcare, logistics, agriculture, and construction, facilitating the issuance of corporate cards to streamline spending processes. The recent funding will support Bujeti’s growth, market expansion, and the introduction of credit lines for SMBs, along with new products tailored for enterprises.
Cossi Achille Arouko, CEO, and Samy Chiba, COO, lead the two-year-old fintech, leveraging their expertise from previous roles at Paystack and Ariane Space, respectively. Originally conceived as a B2C platform, Bujeti took on serving businesses, aiming to address the challenge of expense management.
Bujeti allows African companies to issue cards to employees, maintaining control over spending. The platform has onboarded nearly 1,000 businesses across the continent in the last eight weeks, including SMBs and startups like Mono, Spleet, and Eden Life. The company aims to reach ₦200 million (~$200,000) in processed transactions soon.
Bujeti’s competitors in the African market include Duplo, Flex Finance, Allawee, and Boya. The platform differentiates itself by offering both expense management and corporate cards functionalities with superior automation features and multi-entity management. Bujeti is actively working on introducing a multicurrency feature to facilitate international expansion.
Investors, including Abdul Hassan, are highly confident in Bujeti’s potential to transform how businesses handle their finances, recognising the founders’ capabilities in technical and business aspects.