FinTech Pivo raised $2 million SEED from Precursor Ventures, Vested World, Y Combinator, FoundersX, and Mercy Corp Ventures.
Pivo, founded in July 2021 by Ijeoma Akwiwu and Nkiru Amadi-Emina and launched in public beta in September, is aimed at businesses involved in the import, export, manufacture, distribution, and retail of FMCG, logistics and haulage, and clearing and forwarding. Pivo’s main products are three. Pivo Capital, the company’s flagship product, provides SMEs with loans up to $50,000. The funds will be used to improve transaction management and payment reconciliation in supply chains by upgrading existing products and developing new ones. The company also intends to expand its operations to East Africa and expand its team beyond its Lagos office.