Pivo: Empowering Supply Chains with Innovative Fintech Solutions
In a significant stride for female entrepreneurship in Africa, Pivo, a fintech startup based in Nigeria, has successfully closed a $2 million seed funding round. Founded by Ijeoma Akwiwu and Nkiru Amadi-Emina in July 2021, Pivo aims to revolutionize the way small and medium-sized enterprises (SMEs) in the supply chain industry access financial services. With the recent funding, the company plans to enhance its existing products and develop new solutions that streamline transaction management and payment reconciliation.
The Genesis of Pivo
Pivo emerged from a vision to empower SMEs in Nigeria’s supply chain sector, which often face challenges in accessing reliable financial services. The startup launched its public beta version in September 2021, quickly gaining traction among business owners seeking innovative financial solutions. The founders recognized a gap in the market and set out to create a platform that not only meets the financial needs of SMEs but also simplifies their operational processes.
Key Offerings: Pivo Capital, Finance, and Plus
At the heart of Pivo’s offerings is Pivo Capital, a product designed to facilitate business growth by providing access to working capital loans of up to $50,000. This financial support is crucial for SMEs looking to expand their operations, manage cash flow, and invest in new opportunities.
In addition to Pivo Capital, the company offers Pivo Finance, a digital-only banking solution tailored for consumers. This product allows users to manage their finances seamlessly, providing a user-friendly interface that simplifies banking tasks.
Another noteworthy offering is Pivo Plus, which goes beyond traditional banking services. Pivo Plus provides customers with essential support in areas such as insurance, corporate compliance, and tax regulation. This comprehensive approach ensures that SMEs are not only financially equipped but also compliant with regulatory requirements.
Remarkable Growth and Future Plans
The impact of Pivo’s solutions is evident in the impressive growth metrics. Between April and September, the number of transactions made on Pivo Business accounts skyrocketed by over 400%. This surge highlights the increasing reliance on Pivo’s services among SMEs in the supply chain sector.
With the newly acquired funding, Pivo plans to enhance its existing products and develop innovative solutions tailored for supply chain anchors. The founders are committed to expanding their reach beyond Lagos, with aspirations to establish a presence in East Africa. This geographical expansion will allow Pivo to tap into new markets and serve a broader audience.
Support from Notable Investors
The recent funding round attracted a diverse group of investors, including Vested World, Y Combinator, FoundersX, and Mercy Corp Ventures. Their backing not only provides financial support but also validates Pivo’s business model and growth potential. The involvement of these prominent investors underscores the confidence in Pivo’s mission to transform the financial landscape for SMEs in Africa.
A Vision for the Future
As Pivo continues to grow, the company is focused on building a robust team to support its expansion efforts. The founders are dedicated to creating a culture of innovation and inclusivity, ensuring that the voices of women in fintech are amplified. By prioritizing the needs of SMEs and leveraging technology, Pivo is poised to make a lasting impact on the financial ecosystem in Nigeria and beyond.
In summary, Pivo is not just a fintech startup; it is a beacon of hope for SMEs in Africa. With its innovative products and a strong commitment to empowering businesses, Pivo is set to redefine the way supply chains manage their financial transactions, paving the way for a more inclusive and efficient economic landscape.