South African fintech startup Sava has announced a US$1.8 million pre-seed funding round to develop its central spend-management platform.
Founded earlier this year, Sava is a spend-management platform that combines bank accounts, mobile wallets, payments, accounting integrations, and invoice and expense management tools in one platform.
The fintech startup is set to launch in South Africa with a platform that enables smart data sourcing, multi-level credit scorecards and predictive analytics – all of which reduce lending risk for African businesses in the formal economy.
Sava provides customers with cards and wallets that are tied to its software to automate tedious finance processes. The company will offer digital business bank accounts that allow businesses to manage their invoices, control spending, reconcile accounting records, provide credit cards to employees, and integrate budgets and actual cash flows.
The startup’s US$1.8 million pre-seed round comes from investors including Quona Capital, Breega, CRE Ventures, Ingressive Capital, RaliCap, Unicorn Growth Capital and Sherpa Ventures. The Sava platform is set to launch in South Africa in Q3, with a focus on spend management and insights, while a Kenyan launch is planned for later in the year.
