Pivo has announced the completion of a $2 million seed funding round to expand its product offerings to supply chain SMEs.
Precursor Ventures, Vested World, Y Combinator, FoundersX, and Mercy Corp Ventures all took part in the funding round.
Pivo offers SME vendors in massive manufacturing supply chains financial services, including credit, payments, and expense management.
Nkiru Amadi-Emina, CEO and co-founder, stated: “After our pre-seed raise of $550,000 early in Q1 of this year, we launched a new product, Pivo Business with features that supply chain SMEs may utilize to achieve better cash flow. “From April to September, the transaction volume of Pivo Business accounts grew by more than 400%. With this funding, we want to improve existing products and create supply chain anchor solutions.
According to Daniel Block, Investment Principal at Mercy Corps Ventures, “When we first invested last year, we believed that the founders’ deep logistics industry expertise and commitment to unattended supply chain SMEs would enable Pivo to quickly carve out a deep moat in the competitive fintech lending space. We are enthusiastic to see the company deliver a full suite of financial services specially tailored for the needs of the unattended supply-chain sector SMEs they serve as Pivo launches additional products to graduate from a pure fintech lender to a full-fledged financial services platform.
With the funding, Pivo will create new products and upgrade existing ones to enhance supply chain transaction management and payment reconciliation.
The anticipated improvement will offer improved payment options for their customer group’s normal recurring payments.
In addition, the business wants to enlarge its staff, expand operations to East Africa, and establish a presence outside of its Lagos office.
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