Pivo, a Nigerian fintech startup, has closed a US$2 million seed funding round to optimize transaction management and payment settlement for supply chains through the development of new products.
Precursor Ventures, Vested World, Y Combinator, FoundersX, and Mercy Corp Ventures are the investors in the seed round.
Ijeoma Akwiwu and Nkiru Amadi-Emina founded Pivo in 2021 with the goal of serving any company involved in the manufacture, distribution, import, export, logistics, clearing, and forwarding of FMCG products.
Pivo started out with three key products.
Its flagship product, Pivo Capital, provides SMEs with access to loans up to $50,000.
Customers can obtain a digital-only banking service through Pivo Finance, while Pivo Plus provides access to insurance, business compliance, and tax regulation aid.
“We developed a new product, Pivo Business, with features that supply chain SMEs can utilize to generate improved cash flow, after our pre-seed raise of US$550,000 early in Q1 of this year,” Amadi-Emina added. “From April to September, the transaction volume of Pivo Business accounts increased by nearly 400%. With this money, we want to improve the already-available products and provide supply chain anchor solutions.
The funds raised will be utilized to create new goods and improve ones that already exist.
In addition, the business wants to expand into East Africa, increase its operations there, and expand its footprint outside of its Lagos office.
