The Moroccan FinTech startup MosaicLab has raised $225,000 for the invoice processing platform Konta, Tech in Africa reported Monday (July 12).
Based in Casablanca, MosaicLab launched Konta, a Software-as-a-Service (SaaS) invoice-to-pay automation platform powered solely by Moroccan artificial intelligence (AI) tech. Konta has acquired clients in Europe and Africa. It’s beginning its first round of fundraising through the investment company WITAMAX.
“Companies can subscribe to this software remotely as they adapt to organizational models that need no initial investment,” wrote Tech in Africa. “The new funds raised will go towards accelerating the company’s local and international expansion. Large accounts in Morocco and international SMEs [small to medium-sized enterprises] get technology streamlining that simplifies the process of managing supplier expenses.”
Konta’s technology uses a systemic process. This process is designed for companies in the automotive, aeronautical, banking and insurance sectors to save time, money and resources. It also deals with issues related to regulatory compliance risk, error, omission and fraud.
According to Tech in Africa, each supplier invoice is audited. This helps by shortening the approval time and making financial functions less complex. Thus, Konta can support companies and forge stronger supplier relations “while creating a base for strategic service providers,” per Tech in Africa.
