Nigerian female-led fintech startup, Pivo has closed a $2 million seed funding spherical to improve present merchandise and construct new ones to enhance transaction administration and cost reconciliation for provide chains.
- Based by Ijeoma Akwiwu and Nkiru Amadi-Emina in July 2021 and launched in public beta in September, Pivo gives SME house owners within the provide chain sector a brand new and extra environment friendly strategy to entry monetary companies.
- Pivo Capital, the corporate’s flagship product, permits corporations to entry working capital loans of as much as US$50,000 to assist scale their enterprise. The startup has two different merchandise: Pivo Finance and Pivo Plus.
- Pivo Finance gives prospects entry to a digital-only banking resolution, whereas Pivo Plus, gives entry to insurance coverage, company compliance and tax regulation assist.
- “The transaction quantity of Pivo Enterprise accounts grew by over 400% between April and September. With this funding, we intend to construct on present merchandise and develop options for provide chain anchors,” she added.
- The funding spherical comes from Precursor Ventures, Vested World, Y Combinator, FoundersX and Mercy Corp Ventures.
- The funds will likely be used to improve present merchandise and construct new ones. The corporate additionally plans to ascertain its presence exterior its Lagos workplace, increase operations to East Africa, and develop its workforce.
