Nigerian Fintech Startup Pivo Raises Funding from Microtraction
Nigerian startup Pivo, a credit-focused financial services company for SME players in the supply chain, has raised an undisclosed amount of funding from early-stage VC firm Microtraction.
Founded last year by Nkiru Amadi-Emina and Ijeoma Jacquelyn Akwiwu, Pivo offers SME owners in the supply chain sector a new and more efficient way to access financial services. Pivo Capital, the company’s flagship product, allows companies to access working capital loans of up to US$50,000 to help scale their business.
It also provides trade financing support, which helps suppliers fulfill customer orders even when they lack the upfront capital, and by the end of the first quarter of this year expects to launch its Finance product in beta. With this feature, users will be able to open and operate a corporate bank account that is tailored to their business.
Photo courtesy of Olumide Bamgbelu.