Nigerian fintech startup, Pivo, has closed a $2 million seed round that included participation from Precursor Ventures, Vested World, Y Combinator, FoundersX, and Mercy Corp Ventures.
Pivo mission is to make it easy for supply chain SMEs to make, receive and track payments with ease. The capital raised in this round will go towards Improving supply chain for SMEs. Pivo provides financing based on your existing customer contract and transaction data, without any collateral.
Businesses use Pivo to setup a corporate account, access credit for business loans and manage their finances all in one simple application. No set up fees, minimum balance maintenance or ridiculous requirements. Pivo has disbursed over $3 million through Pivo Capital and transacted more than $4 million through Pivo Business accounts. She also told TechCabal that Pivo currently has 300 active SMEs and 10 ecosystem partners.
She explained that ecosystems are larger businesses that have SMEs within their value chains, so Pivo works with them to serve their SMEs. “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.”