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Female-led Nigerian fintech Pivo raises $2 million in a seed round.

Female-led Nigerian fintech Pivo raises $2 million in a seed round.

Female-led Nigerian fintech Pivo raises $2 million in a seed round.

Pivo, a Nigerian fintech company started and managed by women, has secured $2 million in initial funding to build new payment reconciliation and transactional solutions for the supply chain.
Pivo was formed by Ijeoma Akwiwu and Nkiru Amadi-Emina in July 2021 and went public in September of the same year. It provides small and medium-sized firm (SME) owners in the supply chain sector with a new and more efficient way to obtain financial services.

Pivo Capital, the company’s flagship product, offers small and medium-sized businesses access to working capital loans of up to $50,000. Pivo Finance and Pivo Plus are further firm services.
Pivo Finance is a digital-only banking service, while Pivo Plus offers insurance, corporate compliance, and tax regulatory assistance.

Between April and September, the number of Pivo Business account transactions surged by approximately 400%. She further said, “From April to September, the transaction volume of Pivo Business accounts increased by nearly 400%.” “We plan to improve upon current technologies and create solutions for supply chain anchors with this financing.”

Additionally, Precursor Ventures, Vested World, Y Combinator, FoundersX, and Mercy Corp Ventures participated in the funding round.
With these funds, we will enhance our present offerings and develop innovative new products. In addition to extending operations to East Africa and growing its workforce, the company plans to have a physical presence outside of its existing headquarters in Lagos.

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