The central spend-management platform of South African fintech firm Sava will be developed with a US $1.8 million pre-seed fundraising round, according to Sava.
Sava is a spend-management platform that was established earlier this year and brings together bank accounts, mobile wallets, payments, accounting connections, and tools for managing invoices and expenses on one platform.
With a platform that enables smart data sourcing, multi-level credit scorecards, and predictive analytics—all of which lower loan risk for African enterprises operating in the formal economy—the fintech company is preparing to launch in South Africa.
In order to automate time-consuming financial procedures, Sava offers consumers cards and wallets that are connected to its software. The firm will give digital business bank accounts that let organizations manage their invoices, keep tabs on spending, balance accounting records, provide personnel credit cards, and combine budgeting and actual cash flows.
Investors such as Quona Capital, Breega, CRE Ventures, Ingressive Capital, RaliCap, Unicorn Growth Capital, and Sherpa Ventures contributed to the startup’s pre-seed round of US $1.8 million. With an emphasis on expenditure control and insights, the Sava platform is scheduled to launch in South Africa in Q3 of this year. A launch in Kenya is anticipated for later in the year.
