Nigerian female-led fintech startup, Pivo has closed a $2 million seed funding round to upgrade existing products and build new ones to improve transaction management and payment reconciliation for supply chains.
- Founded by Ijeoma Akwiwu and Nkiru Amadi-Emina in July 2021 and launched in public beta in September, Pivo offers SME owners in the supply chain sector a new and more efficient way to access financial services.
- Pivo Capital, the company’s flagship product, allows companies to access working capital loans of up to US$50,000 to help scale their business. The startup has two other products: Pivo Finance and Pivo Plus.
- Pivo Finance offers customers access to a digital-only banking solution, while Pivo Plus, offers access to insurance, corporate compliance and tax regulation support.
- “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 supply chain anchors," she added.
- The funding round comes from Precursor Ventures, Vested World, Y Combinator, FoundersX and Mercy Corp Ventures.
- The funds will be used to upgrade existing products and build new ones. The company also plans to establish its presence outside its Lagos office, expand operations to East Africa, and grow its team.