Nigerian fintech startup Pivo has successfully concluded a seed funding round, securing US$2 million. This significant investment will be utilized to enhance their existing products and develop new solutions that revolutionize transaction management and payment reconciliation within supply chains.
Founded by duo Ijeoma Akwiwu and Nkiru Amadi-Emina in July 2021, Pivo has already made waves since its public beta launch in September. The innovative platform is specifically designed to cater to businesses involved in the import, export, manufacture, distribution, and retail of FMCG, logistics and haulage, as well as clearing and forwarding.
The funding round comes from Precursor Ventures, Vested World, Y Combinator, FoundersX and existing investor, Mercy Corp Ventures and will be used to build new products to improve transaction management and payment reconciliation for supply chains alongside expanding and establishing operations in more locations in Nigeria and in East Africa.
“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,” Daniel Block, Investment Principal at Mercy Corps Ventures said. “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.”