South African-based fintech startup Sava has closed a $1.8 million pre-seed funding round led by Quona Capital, Breega, CRE Ventures, Ingressive Capital, RaliCap, Unicorn Growth Capital, and Sherpa Ventures.

According to the startup, the funds will be used to develop its central spend-management platform.

Sava was founded earlier this year as a spend-management platform that combines bank accounts, mobile wallets, payments, accounting integrations, and invoice and expense management tools in one platform.

Set to launch in South Africa, Sava will enable smart data sourcing, multi-level credit scorecards and predictive analytics which will go on to reduce lending risk for African businesses in the formal economy.

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Sava also provides customers with cards and wallets that are tied to its software to automate tedious finance processes. The company will offer digital business bank accounts that allow businesses to manage their invoices, control spending, reconcile accounting records, provide credit cards to employees, and integrate budgets and actual cash flows.

The startup’s US$1.8 million pre-seed round comes from investors including The Sava platform is set to launch in South Africa in Q3, with a focus on spend management and insights, while a Kenyan launch is planned for later in the year.