Pivo, a Nigerian fintech startup, has raised $2 million in seed funding to upgrade existing products and build new ones. This improves transaction management and payment reconciliation for supply chains.
The amount raised comes from Recursor Ventures, Vested World, Y Combinator, founders, and Mercy Corp Ventures. With the acquired fund, the company also plans to establish its presence outside Lagos, expand operations to East Africa, and grow its team.
Pivo Seed Funding: CEO Comment
Speaking on the startup seed funding, Pivo Co-founder said,
“After our pre-seed raise of $550,000 early in Q1 of the year, we launched a new product, Pivo Business, with features that supply chain SMEs can use to achieve better cash flow.”
“The transaction volume of Pivo Business accounts grew by over 400% between April and September. With this funding, we intend to build on existing products and develop solutions for the supply chain anchors.” She added.
Investment principal at Mercy Corps Ventures, Daniel Block, said his company believes in the startup’s founders. He added they believe in its industry expertise and commitment to the unattended supply chain.
“As Pivo launches additional products to graduate from a pure fintech lender to a full-fledged financial services platform, we are excited to see the company deliver a full suite of financial services. Specifically designed for the needs of the unattended supply-chain sector SMEs they serve.”
He added that the move would also startup to quickly carve out a great amount in the competitive fintech leading space.
Pivo was established in July 2021 by Ijeoma Akwiwu and Nkiru Amadi-Emina. Launched in public beta in September, the startup is targeted at any business that deals with import, export, and manufacture.
It is also involved in the distribution and retail of FMCG, logistics and haulage, and clearing and forwarding.
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