Nigerian fintech, Bujeti secures $2 million seed round, led by YC

Nigerian fintech startup, Bujeti has secured a $2 million seed in a round led by Y Combinator (YC), with the participation of other investors including Entrée Capital, Voltron Capital, UnpopularVC, Kima Ventures, Dropbox Co-founder Arash Ferdowsi, Alan Rutledge, Tristan Walker - Heirloom VC and Abdul "Tomiwa" Hassan, CEO of Mono.

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Bujeti was one of three African startups that participated in Y Combinator's 2023 winter batch.

Launched in 2021 by Cossi Achille Arouko (CEO); who has a background in software engineering and previously spearheaded initiatives at Paystack, and Samy Chiba (COO), Bujeti was built with a mission to simplify financial management for African businesses. As such, it is a one-stop-shop integrating all the components needed for a business to manage its finances and operations seamlessly.

With this investment, Bujeti plans to accelerate its growth, increase market share, and expand its product offerings. The fintech says it will focus on introducing credit lines for SMBs and developing new products tailored to enterprise needs.

At the core of its mission, Bujeti’s significance lies in addressing the industry's need for unified tools which seamlessly manage finances and operations. The platform provides interactive tools that allow businesses to take control of their expenses, boost their revenues, and monitor their finances with features such as;

Expense management suite: Cash management, expense workflows, and payments.
Revenue optimisation suite: Invoicing workflows and collections.
Financial management suite: Analytics, reporting, accounting, and compliance.

Achille, Founder and CEO of Bujeti, emphasised the company's commitment to collaboration and becoming the go-to solution for the entire business ecosystem, similar to platforms like Teams or Slack. "Our differentiation lies in providing unparalleled control and granularity in financial operations, allowing businesses to digitize their complex payment and finance processes effortlessly. Bujeti stands as a digital ally, empowering workplaces and fostering trust among teams."

"In the last eight weeks, we've onboarded close to a thousand businesses of all sizes, including SMBs and well-known startups, reflecting the trust and recognition of our platform's efficacy," Achille added. "Our imminent goal is to reach ₦200 million in transaction processing, illustrating the growing demand for a comprehensive, integrated solution like Bujeti."

According to Abdul Tomiwa Hassan, CEO of Mono, "Bujeti's innovative platform and the leadership of Cossi Achille Arouko position the company as a game-changer in the industry. Investing in Achille and Bujeti was an obvious choice; they address a significantly fragmented market with capable founders who excel in technical and business aspects. We believe in their potential to transform how businesses handle their finances, and we're excited to be a part of their journey."