Sava secures $2 million pre-seed funding

A spend management software will now be available to assist African firms to control their spending and cut down on the time spent on record-keeping and reconciliations thanks to funding raised by the South African fintech startup Sava, which has raised $2 million.

Crunchbase lists Breega, Quona Capital, Ingressive Capital, CRE Venture Capital, RaiCap, Sherpa Africa Partners, and Unicorn Growth Capital as the investors who participated in the pre-seed investment round.

The platform, which has not yet been launched, will not only assist African businesses in managing their financial operating systems but will also enable them to collect data that will enable them to maintain awareness of the true financial health of their company, according to Sava CEO Yoeal Haile, who spoke with TechCrunch.

Sava does not simply intend to profit from credit card transaction commissions. Additionally, the fintech startup would charge subscription fees to companies using its platform, levy interest on loans made, and upsell customers on additional financial services.