Grace Ashiru
Pivo a female-led fintech startup based in Nigeria, has closed a $2 million seed funding round. They will use the money to improve their existing products and build new ones to help supply chains better manage transactions and reconcile payments.
Ijeoma Akwiwu and Nkiru Amadi-Emina started Pivo in July 2021, and the public beta version came out in September. Pivo gives SME owners in the supply chain industry a new and easier way to get financial services.
Pivo Capital is the company’s most popular product. It helps businesses grow by giving them access to working capital loans of up to $50,000. Pivo Finance and Pivo Plus are two more products that the company offers.
Pivo Finance provides consumers with a digital-only banking solution, whilst Pivo Plus provides customers with insurance, corporate compliance, and tax regulation assistance.
Between April and September, the number of transactions made on Pivo Business accounts increased by more than 400%. With this money, we plan to improve on products we already have and come up with solutions for supply chain anchors,” she said.
Vested World, Vested World, Y Combinator, FoundersX, and Mercy Corp Ventures are among the investors in the round.
The money will be used to improve products already on the market and make new ones. The company also wants to establish a presence outside its Lagos office, expand its operations to East Africa, and grow its team.
