Nigerian fintech, Billboxx, has raised $1.6 million pre-seed funding round, the startup announced in a press release.
The round saw participation from renowned investors including:
- Norrsken Accelerator
- Kaleo Ventures
- Founders Factory Africa – FFA (now 54 Collective)
- P2Vest, and
- Afrinovation Ventures
FUNDING | Founders Factory Rebrands to 54 Collective, Transforms to a Full-Fledged VC Firm for Early-Stage Startups
Founders Factory has an active portfolio of over 50 ventures across 10 countries. To date, the firm has supported more than 70 ventures and helped its portfolio… pic.twitter.com/MacL65hA35
— BitKE (@BitcoinKE) August 9, 2024
According to Billboxx, the backing will enable it to tackle the critical cash flow challenges faced by SMEs across Africa. Manual invoicing and deferred payments often result in delayed payments, stifling many SMEs.
Founded in early 2023 by Justus Obaoye and Abdulazeez Ogunjobi , the startup has developed an integrated billing-to-payment platform aimed at ensuring timely payments for businesses across Africa.
The platform,
- streamlines billing processes,
- reduces inefficiencies from manual invoicing, and
- mitigates the impact of deferred payments.
“Cash flow difficulties are the leading cause of business failures in Africa, with delayed invoice payments being a major contributor,” says Justus Obaoye, Co-founder & CEO of Billboxx.
It has facilitated over 4 million dollars in invoice payments through its MVP launched in May 2023 and boasts strategic integrations with a leading commercial bank in Nigeria, a prominent African payment gateway, and multiple lending partners, enabling seamless payment facilitation via bank transfers, cards, and financing options.
“We’re enthusiastic about the innovative work the Billboxx team is building. These 3x founders with successful exits under their belts are leveraging their leadership and business experience to tackle a massive pain point for SMEs across Africa,” said Bongani Sithole, Chief Executive Officer at 54 Collective (formerly Founders Factory Africa).
“We invested in the company due to the large market size of the opportunity, impressive early traction gained from strong early partnerships with notable large corporates and startups, as well as the solid tech product the team has developed.”
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