Pastel, a Nigerian Bookkeeping Startup Serving SMEs, Raises $5.5M Seed Fund

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Focused on helping companies gain effective financial responsibility and proper accounting, Nigeria’s Pastel has raised $5.5m in seed funding.

Pastel, originally known as Sabi Cash, was founded by Abuzar Royesh, Olamide Oladeji and Izunna Okonkwo. The new funding will enable its product-driven growth approach to capture the attention of more customers, advance the expansion of its product offerings, develop more features and productivity and finance management around group savings, loans and payments for small businesses.

The round was led by pan-African venture capital firm TLcom Capital and included venture capital firms such as Global Founders Capital (GFC), Golden Palm Investments, DFS Labs, Ulu Ventures, Plug and Play and Soma Cap. .

Pastel aims to create digital tools to unlock the potential of small businesses in developing countries. The company seeks to be a global leader in the field of micro, small and medium enterprises, by creating tools that allow companies to increase their sales, process payments, access financial solutions and immerse themselves in the digital economy.

Sabi Cash, the company’s flagship product, different from the B2B e-commerce marketplace of the same name Sabi, is a digital accounting application where small businesses can monitor and manage their transactions and customers, get insights into their cash flows cash, issue receipts and effectively manage clients who are indebted to them.

The accounting and customer relationship management that Pastel launched last year has had more than 100,000 merchant registrations by December 2021, Okonkwo said. The free app currently has over 45,000 active merchant users.

Pastel recently added more features for merchants to capture more value in this channel. However, unlike other platforms that bundled multiple features into a single app, Pastel chose a different strategy and made each product standalone: ​​Quick Receipt and Pastel Financing.

The Quick Receipt app provides businesses with easy invoicing and receipting tools and over 60,000 active merchant users. On the other hand, the Swift Money app, which relies on local savings groups called ajo in Nigeria to provide finance to businesses, has been stealthily built over the past three months through Pastel Financing.

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