Bujeti, a Pan African expense management platform, has been accepted into the Winter 2023 batch of the Y Combinator accelerator program and will now have access to a $500k investment fund and an extensive network of seasoned mentorship.
In an announcement via the company’s Medium account, the startup expressed excitement about being selected as one of the many startups participating in the Winter cohort, which comes from January to March this year.
The post reads: “We are thrilled to join the Y Combinator community and look forward to the opportunities and growth this program will bring.”
“Being accepted into Y Combinator is a huge accomplishment for our team, and we are grateful for the recognition and support. We are dedicated to continuing to provide top-quality services to our customers and to push the boundaries of what is possible in the world of expense management”, the company wrote.
In a phone conversation with the Bujeti’s founder, Cossi Achille Arouko, he expressed his gratitude and excitement for having the team’s hard work pay off, noting that the admission is proof that the company was doing something unique and innovative.
We are excited because being admitted into the Y Combinator cohort is a big validation, not just from the business perspective, but for every entrepreneur because it shows you are going in the right direction.
Cossi Achille Arouko, Bujecti CEO and Co-founder
“The funding even makes it more exciting because it takes away the urgency to fundraise, thereby giving founders and employees the focus they need to deliver optimally. Also, the wealth of knowledge that comes with it is an opportunity for employees to grow and know more because they get to learn from people that have done it before,” he added.
According to the founder, the company currently has about 20 staff on its payroll and about 50 companies registered on its platform using its services. Some of these companies are Mono, Koolboks, Reliance HMO, Zilla, and others.
With the new investment coming in, Arouko noted that the company is looking at having a proper launch this year and including some new features in the platform.
Read also: Ghanaian Jetstream takes in $13M equity, debt funding
More on Bujeti
In Africa, most firms cannot precisely control and trace how their finances are used, which has made expense management a severe problem for most of them.
In this light, Bujeti was created to enable companies to manage all their expenses with a fully integrated, simple, and intuitive suite of expense management tools.
The software provides the ability to create physical and virtual corporate cards instantly, accept payments via bank transfer from the mobile app, automate and digitize reimbursement claims, set spending limits, and gain real-time insights into how money is being spent.
Bujeti was founded in December 2021 by Cossi Achille Arouko, a Beninese, as a personal finance platform to enable the planning, organizing, and tracking of funds sent by African immigrants to their families.
However, Arouko claims Bujeti was officially launched in April 2022, when he resigned from Paystack and the company made its first raise – $1 million (500k in April and 500k in November), from a couple of investors
He also claims with the launch; the company is looking at having a proper launch and its first physical corporate card.
Y Combinator is the biggest startup accelerator in the world that helps early-stage startups grow and succeed. The program provides funding, mentorship, and access to a network of top investors and entrepreneurs.
Read also: Flutterwave eyes British fintech, Railsr for an acquisition deal
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