In order to enhance transaction management and payment reconciliation for supply chains, Nigerian FinTech company Pivo has completed a US $2 million initial investment round. The money will be used to create new products and modify current ones.
Pivo, founded in July 2021 by Ijeoma Akwiwu and Nkiru Amadi-Emina, was released in public beta in September. It is geared toward companies that deal with clearing and forwarding, logistics and haulage, manufacturing, distribution, and retail of FMCG.
Pivo launched with three key goods. With Pivo Capital, its main offering, SMEs may receive loans up to $50,000 USD. Customers may obtain a digital-only banking solution through Pivo Finance, while insurance, business compliance, and help with tax laws are all available through Pivo Plus.
Precursor Ventures, Vested World, Y Combinator, FoundersX, and Mercy Corp Ventures contributed to the US $2 million seed fundraising round, which will be used to improve current products and develop new ones. In addition, the business wants to expand into East Africa, increase its activities there, and expand its footprint outside of its Lagos headquarters.
According to Daniel Block, investment principal at Mercy Corps Ventures, the firm believes that Pivo’s founders’ extensive knowledge of the logistics sector and dedication to unattended supply chain SMEs will help the startup quickly carve out a significant competitive advantage in the cutthroat FinTech lending market.