Nigerian fintech startup Billboxx has raised $1.6 million in a pre-seed funding round, aiming to empower African small and medium-sized enterprises (SMEs) with cash flow management solutions.
The funding, a combination of debt and equity, was led by Norrsken Accelerator, Kaleo Ventures, 54 Collective, P2Vest, and Afrinovation Ventures.
Addressing SME Cash Flow Issues
Founded in 2023 by Justus Obaoye and Abdulazeez Ogunjobi, Billboxx offers invoice financing and payment processing services to help SMEs combat cash flow challenges caused by delayed payments from enterprise clients.
The platform facilitates upfront payments for invoices, charging a financing fee of up to 5% and transaction fees of 1.5%.
With these solutions, the company reports processing over ₦1 billion ($600.6K) monthly without any defaults.
“We realised that every business we have interacted with had a lot of billing inefficiencies and cash flow problems. Some of them still do invoices manually or with Excel sheets,” said co-founder Obaoye, according to TechCabal.
Scaling Operations And Expanding Features
The $1.6 million funding will help Billboxx scale its operations, enhance product offerings, and expand its talent pool.
The company plans to introduce a new feature allowing SMEs to access market opportunities within corporate ecosystems.
Although details are limited, the feature aligns with Billboxx’s mission to become the financial operating system for African SMEs.
Billboxx has secured partnerships with notable businesses such as Monument Distillers and the International Institute of Tropical Agriculture.
Feature Image Credit: BillBoxx
#blacktech #entrepreneur #tech #afrotech #womenintech #supportblackbusiness #blackexcellence #technology #blackbusiness #blacktechmatters #blackowned #blackgirlmagic #blackpreneur #startup #innovation #hbcu #techtrap #blackownedbusiness #pitchblack #autographedmemories #blacksintech #shopblack #wocintech #nba #blackwomen #repost #hbcubuzz #blackwomenintech #startupbusiness #nails
Source link
