EMEA Daily: Digital Bookkeeping Startup Pastel Raises $5.5M for Small Business Services in Nigeria

In today’s top stories from Europe, the Middle East and Africa, the growing Nigerian digital bookkeeping company Pastel raised over $5 million to expand its business bookkeeping management services.

Revolut Wins Crypto Approval Across Europe

Revolut, a digital bank based in London, has won approval from regulators in Cyprus to offer cryptocurrency-related trading services, a move that will let Revolut conduct retail crypto transactions across the European Union and also in Iceland, Lichtenstein and Norway.

The Cyprus Securities and Exchange Commission indicated on its website that Revolut has been given permission to engage in the exchange between crypto-assets and fiat currency; exchange between crypto-assets; “safekeeping” or management of cryptographic keys; receipt of transmission orders for crypto; and other services.

Under EU regulations that already, or are soon expected to, govern use of cryptocurrencies, a company found to be suitable to do business in any EU country may conduct similar business anywhere in the region.

Nigerian Startup Pastel Raises $5.5M for Small Business Services

Pastel, a Nigerian merchant platform and bookkeeping startup formerly known as Sabi Cash, has raised $5.5 million in a seed financing round in addition to the $620,000 in pre-seed funding it raised in 2021.

The company’s main product is Sabi, a digital bookkeeping app designed for small and midsized businesses (SMBs), the report stated. Users can monitor and manage their transactions and customers, see cash flow insights, send receipts and manage customers who owe them.

Pastel doesn’t bundle its features into one app. Its other products, Quick Receipt and Pastel Financing, stand alone.

UAE Startup Dukkantek Raises $10M to Grow Retail POS System

Dukkantek, a provider of store management platforms, based in the United Arab Emirates, announced it has raised $10 million in pre-Series A funding.

The company, which focuses on small and medium-sized retailers, said in an announcement that it will use the funding to expand in the EMEA region. The company already has 13 million retailer clients in the UAE, Oman, Qatar, Kuwait, Bahrain, Turkey and Saudi Arabia.

The latest funding, according to Dukkantek, comes from BECO Capital, Rocketship and Colle Capital as well as Comma Capital, AMK Investment Office, Chaos Ventures and Wamda Capital.

Digital Receipt Firm ReceiptHero Joins Visa Fintech Partner Connect

ReceiptHero, which helps companies digitize the customer-receipting process, has joined the Visa Fintech Partner Connect program, which helps connect Visa clients in Europe with tech providers that have undergone special vetting.

The partnership strengthens the company’s relationship with Visa and provides access to new markets in Europe.

“Partnerships is a core part of what we do, and Visa’s Fintech Partner Connect program allows us to reach more Visa clients and partners in achieving next-level platform growth,” ReceiptHero Chief Operating Officer Chris Moore said.