Nigerian Startup Raises $5.5M for Business Services

Pastel, a Nigerian merchant platform and bookkeeping startup formerly identified as Sabi Cash, has lifted $5.5 million in a seed funding spherical in addition to the $620,000 in pre-seed funding it raised in 2021.

The corporation will use the funds “to grow its item choices and build far more efficiency and finance administration options and applications around team financial savings, loans and payments for small firms,” TechCrunch reported Monday (Aug. 15).

Sabi Funds — now Pastel — was produced by 3 Stanford College graduates, Izunna Okonkwo, Abuzar Royesh and Olamide Oladeji. They shared an interest in setting up products and solutions for modest- to medium-sized business (SMBs) and micro corporations in rising markets, according to the report. The founders stated they are especially fascinated in developing a enterprise in their countries of origin, which include Afghanistan and Nigeria.

The company’s principal merchandise is Sabi, a digital bookkeeping app intended for SMBs, the report said. Customers can keep track of and manage their transactions and clients, see hard cash stream insights, ship receipts and deal with clients who owe them.

Pastel doesn’t bundle its options into a person app. Its other products, Quick Receipt and Pastel Financing, stand by yourself, according to the report.

“The way we have believed about it is, as opposed to building a tremendous application that a lot of other FinTechs have or are in pursuit of, we are having a much more system tactic, indicating that any Pastel person can generate an account with any of our applications,” Okonkwo explained in the report. “With the exact same login they can access all the other solutions that we’re giving.”

TLcom Cash led the hottest funding round, which also noticed participation from International Founders Capital (GFC), Golden Palm Investments, DFS Labs, Ulu Ventures, Plug and Play and Soma Cap, the report said.

In July, the Nigeria Startup Bill (NSB) passed by way of the country’s Household of Reps, a week following the Senate voted in favor of it. The invoice is now awaiting approval of the presidency, which designed it in collaboration with leaders from the country’s technologies sector, to be signed into law.

Read additional: 5 Matters to Know About the Nigeria Startup Bill

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