Billboxx raised $1.6 M Pre-seed funding to provide African SMEs with cashflow solutions
In order to address the significant cash flow issues that SMEs in Africa face, Nigerian startup Billboxx, an integrated billing-to-payment platform designed to guarantee on-time payments for companies throughout Africa, has closed a US $1.6 million pre-seed funding round.
Justus Obaoye and Abdulazeez Ogunjobi founded Billboxx in early 2023. Since then, the company has developed an integrated billing-to-payment platform that minimizes the impact of deferred payments, streamlines billing procedures, and eliminates inefficiencies from manual invoicing.
Billboxx enables businesses to achieve steady cash flow and concentrate on expansion by offering automated billing and invoicing, safe payment processing, and customized cash flow financing.
Through its May 2023 MVP launch, the startup has processed over US$4 million in invoice payments. It also boasts strategic integrations with a major Nigerian commercial bank, a well-known African payment gateway, and numerous lending partners, allowing for easy payment facilitation through bank transfers, credit cards, and financing options.
In order to provide cashflow solutions to more African SMEs, Billboxx has now obtained US$1.6 million in pre-seed debt and equity funding from investors such as Norrsken Accelerator, Kaleo Ventures, 54 Collective, P2Vest, and Afrinovation Ventures.
“Cashflow difficulties are the leading cause of business failures in Africa, with delayed invoice payments being a major contributor,” said Obaoye. “Billboxx is dedicated to solving these issues with an integrated platform that ensures consistent cash flow and financial resilience for businesses. This funding round enables us to expand our impact and empower more SMEs to thrive.”
According to Alex Bakir, general partner at Norrsken Accelerator, Billboxx is addressing a significant issue for the expansion of SMEs in Africa.
“The team has experienced first-hand the challenges associated with invoices and payments, and is committed to building solutions that simply work for small businesses across the continent. We’re proud to support Justus, AZ and the team, and see huge potential in financial solutions Billboxx is developing,” he said.
