Pastel’s flagship product, Sabi, is a digital bookkeeping and customer-relationship app that lets small businesses monitor transactions, issue receipts, track cashflow and manage customers who owe them. The company has taken a product-led approach by building standalone apps that share a single login—notably Sabi, Quick Receipt (invoicing) and Pastel Financing/Swift Money for group-based loans. Pastel reported more than 100,000 merchant sign-ups by December 2021, its free app has over 45,000 active merchant users, and Quick Receipt has over 60,000 active merchants. The one-year-old startup recently began generating revenue by charging interest and small fees on loans and using savings as float. Pastel plans to raise debt capital by January to scale its lending product, and the new equity capital will be used to expand product offerings and develop more productivity and finance-management features. The company was formerly called Sabi Cash and was founded by Abuzar Royesh, Olamide Oladeji and Izunna Okonkwo.

Total raised

$6M

Funding rounds

1

Latest round

Seed

Latest activity

Aug 2022