Tyms Africa (formerly AjoMoney)

Tyms Africa, initially founded as AjoMoney in 2021 by software engineer Ibrahim Adepoju and chartered accountant Chineye Ochem, is a financial technology company providing accounting automation solutions for African businesses. The company originally focused on digitizing Rotating Savings and Credit Associations (ROSCAs), a traditional form of community financing in Africa, to improve financial inclusion for the unbanked and underbanked populations. This allowed individuals and micro-businesses to access zero or low-interest credit through collective savings.

Pivoting to address a broader challenge, the company rebranded to Tyms Africa to focus on the financial management difficulties faced by small and medium-sized enterprises (SMEs). Many African businesses struggle with manual and inefficient accounting practices, which can lead to poor cash flow management and business failure. Tyms Africa's core product, Tyms Book, is an AI-powered software suite designed to automate the entire accounting process for business owners, CFOs, and accountants. The platform's features include automated bookkeeping, invoice and quote generation, expense and vendor payment management, budget tracking, bank reconciliation, and the preparation of financial reports compliant with IFRS and GAAP standards.

The business model is primarily subscription-based, offering an affordable solution that can reduce accounting costs for SMEs by up to 40%. It also generates revenue through transaction fees on its integrated payment gateways, such as Paystack and Flutterwave. For businesses lacking an in-house finance team, Tyms Africa provides a network of financial advisors and experts. The company has received pre-seed funding from investors including Tekedia Capital, Seedstars, Google for Startups, Hoaq, and SGGrow. Having expanded into markets like Uganda and Rwanda, Tyms Africa continues to develop its AI capabilities to further streamline financial operations for businesses across the continent.

Keywords: accounting automation, financial management software, SME bookkeeping, finance automation, AI accounting, invoice management, expense tracking, bank reconciliation, financial reporting, African fintech, accounts payable, accounts receivable, cash flow management, business financial software, vendor payments, budgeting tools, digital accounting, cloud accounting, automated bookkeeping, financial inclusion