{"id":550,"date":"2023-12-08T21:33:42","date_gmt":"2023-12-08T21:33:42","guid":{"rendered":"http:\/\/aqqute.com\/?p=550"},"modified":"2023-12-08T21:33:42","modified_gmt":"2023-12-08T21:33:42","slug":"pivo-the-nigerian-fintech-is-shutting-down-one-year-after-raising-a-2-million-seed-round","status":"publish","type":"post","link":"https:\/\/aqqute.com\/blog\/2023\/12\/08\/pivo-the-nigerian-fintech-is-shutting-down-one-year-after-raising-a-2-million-seed-round\/","title":{"rendered":"Pivo, the Nigerian fintech is shutting down one year after raising a $2 million seed round"},"content":{"rendered":"

Hey, have you heard the buzz? Pivo, the Nigerian fintech that was all about banking services for small supply chain businesses, is shutting down just a year after raising an impressive $2 million in seed funding!<\/span><\/p>\n

Picture this: Pivo raked in more than $2.6 million from big shots like Y Combinator, Ventures Platform, Mercy Corp Ventures, and a bunch of other unnamed investors.\u00a0<\/span><\/p>\n

But they’re shutting down! TechCabal spilled the beans, and while we don’t have all the details yet, one insider confirmed the closure.<\/span><\/p>\n

Nkiru Amadi-Emina, Pivo’s co-founder and CEO, spilled the tea to TechCabal via WhatsApp: “I cannot provide the specifics at this time but will be happy to do so later.”\u00a0<\/span><\/p>\n

Let’s rewind a few years:\u00a0<\/span><\/p>\n

Back in July 2021, Nkiru and her partner-in-crime, Ijeoma Akwiwu, kicked off Pivo. Their mission? Offering banking goodness to small logistics and haulage businesses in Nigeria\u2019s supply chain scene. Fast forward, and they raised $100,000 in a pre-seed round just two months later, followed by a sweet $2 million seed round in November 2022.<\/span><\/p>\n

Their plan was to expand to East Africa and roll out new payment-focused products. But alas, Pivo is closing shop, leaving us wondering what could’ve been.<\/span><\/p>\n

These two founders weren’t newbies to the logistics game. Nkiru had already founded Jalo, a delivery company snapped up by Kobo360 in 2018. When Pivo hit the scene, they were the supply chain heroes with no competition in sight.<\/span><\/p>\n

Pivo’s big idea? Tackle Africa\u2019s supply chain liquidity issue by dishing out financing options to logistics providers, clearing and forwarding businesses, and FMCG distributors. They wanted to make a dent in the estimated $41 billion supply chain financing market in Africa.<\/span><\/p>\n

Pivo had its fintech game on with Pivo Capital (the lending champ) and Pivo Business (the business banking whiz). They claimed to dish out over $3 million in loans and process more than $4 million in transactions. How? By validating deals with buyers before handing out the cash, boasting a stellar 98% repayment rate.<\/span><\/p>\n

Pivo joins the club of African startups waving the white flag this year. With over a dozen startups bowing out, it seems the economic woes and funding struggles are taking a toll on the startup scene.\u00a0<\/span><\/p>\n

Talk about tough times.\u00a0<\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Hey, have you heard the buzz? Pivo, the Nigerian fintech that was all about banking services for small supply chain businesses, is shutting down just a year after raising an impressive $2 million in seed funding! Picture this: Pivo raked in more than $2.6 million from big shots like Y Combinator, Ventures Platform, Mercy Corp …<\/p>\n","protected":false},"author":1,"featured_media":581,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology-trends-and-news"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t