Nigerian fintech startup Pivo raises $2m seed round to accelerate growth
Nigerian fintech startup Pivo, announced the closing of $2 million seed round with participation from Precursor Ventures, Vested World, Y Combinator, FoundersX and existing investor, Mercy Corp Ventures.
Pivo intends to use this funding to build new products to improve transaction management and payment reconciliation for supply chains. The startup also plans to upgrade existing products. This will include enhanced payment capabilities for typical recurring payments specific to its customer group. An expansion is also in the works as Pivo will establish operations in more locations in Nigeria and in East Africa.
Pivo's mission to make it easy for supply chain SMEs to make, receive and track payments with ease and the capital raised in this round will go towards doing just that. Pivo was launched in 2021 with its credit product, Pivo Capital. Since then the company has launched Pivo Business which offers business accounts with features like invoicing and bulk payments to help SMEs manage their cash flow better. Pivo is focused on building an all-in-one financial services platform for supply chain SMEs and are glad to have the backing of its investors.
Daniel Block, Investment Principal, Mercy Corps Ventures: “When we initially invested last year, we believed that the founders’ deep logistics industry expertise and commitment to unattended supply chain SMEs would enable Pivo to rapidly carve out a deep moat in the competitive fintech lending space. 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.”