MICRO CAPITAL CARD: Fintech Sava raises $ 1.8 million in equity to launch Spending Management Platform in South Africa

Sava, a South African company, recently raised $ 1.8 million in pre-seed funding for its digital platform focused on “expense management and reconciliation” for small and medium-sized enterprises (SMEs) in Africa. The company plans to launches the platform’s beta before the end of 2022. The new funding comes from France-based Breega; Nigeria-based Ingressive Capital; South Korea’s Sherpa Ventures; and four U.S.-based firms, CRE Ventures, Quona Capital, RaliCap and Unicorn Growth Capital.

Sava was founded in 2021 and is building a platform that integrates “bank accounts, mobile wallets, [and] payment and accounting. “In the future, Sava plans to use this data to evaluate customers’ creditworthiness for credit cards that they plan to issue to SMEs that have been blocked from traditional credit markets. Eventually, the company hopes to expand to Kenya and Nigeria. it expects to generate revenue from credit card transaction fees, subscription fees and interest paid on outstanding credit.

Founded in 2015, Breega provides capital, connections and expertise to a number of technology-based start-ups. As of 2022, the company has raised EUR 510 million (USD 523 million) for four funds.

CRE Venture Capital was founded in 2015 and invests in “visionary founders who build category-defining technology companies” that serve Africa.

Ingressive Capital, founded in 2017, focuses on “high-growth technology business[es] in sub-Saharan Africa and Egypt. “During 2021, the company raised $ 4.6 billion in risk financing.

With offices in the US city of Washington and the Indian city of Bangalore, Quona Capital invests in companies looking to “improve the quality, accessibility and affordability of financial services for underserved consumers and businesses in sub-Saharan Africa, Latin America and Asia.”

RaliCap was founded in 2020 and raises funds for the start-up of financial technology in Africa, Latin America and Asia. The company raised $ 2 million during 2021.

Sherpa Ventures, founded in 2021, is an Africa-focused venture fund.

Unicorn Growth Capital was established in 2020 and focuses on building bridges between Africa and emerging economies with developed markets through digital financial services and infrastructure.

By Ben Greissman, Research Assistant

Sources and additional resources

TechCrunch article on Sava

Sava’s website

Breega website

Crunchbase profile on Breega

CRE website

Ingressive Capital website

Review of Ingressive Capital 2021
/ blog / 2022/2/3 / the-success-of-ic-our-2021-review

MicroCapital article on Quona

RaliCap website

TechCrunch article on RaliCap

Sherpa Ventures website

Unicorn Growth Capital website

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