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Pastel Raises $75M for Bookkeeping and Credit Tools
Pastel, a startup based in Lagos, Nigeria, has raised $75 million in funding for its bookkeeping and credit tools. The company provides digital bookkeeping services to small and medium-sized businesses in West Africa.
The funding was led by Tlcom Capital, with participation from Ulu Ventures, Golden Palm Investments, and DFS Labs. Pastel plans to use the funds to increase its efforts in product development and expand its offerings in group savings, loans, and payments for small businesses.
Pastel’s bookkeeping tools allow businesses to manage their finances, track sales, and handle inventory management. The company also offers credit services that enable businesses to access loans and credit facilities through a mobile app.
The startup has gained attention from investors due to its product-centric approach, which involves iterating on user research to improve the product experience. Pastel’s co-founder, Bastian Gotter, emphasized the importance of this approach in an interview with TechCrunch.
Other startups in the same space, such as Kippa, Bumpa, OZÉ, and Bamba, offer similar bookkeeping and credit tools. However, Pastel’s co-founder argues that its product-led growth approach sets it apart from competitors.
The funding will help Pastel expand its operations and develop more features and tools for small businesses in West Africa.
