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Nigerian fintech Pivo announced today that it has closed a USD 2 Mn seed round with participation from Precursor Ventures, Vested World, Y Combinator, FoundersX, and Mercy Corp Ventures. Pivo will use the capital to upgrade existing products and build new products to improve supply chain transaction management and payment reconciliation. The planned upgrade will include enhanced payment capabilities for typical recurring payments specific to their customer group. The company also plans to establish its presence outside its Lagos office, expand operations to East Africa and grow its team.
Pivo provides financial services, credit, payments, and expense management, to SME vendors within large manufacturing chains. Pivo Capital, the company’s flagship product, allows companies to access working capital loans of up to USD 50 K to help scale their business. It also provides trade financing support, which helps suppliers fulfill customer orders even when they lack the upfront capital.