VC firm, Microtraction, has announced an investment in Pivo, a startup that provides credit-focused financial services for SME players in the supply chain.

This investment comes months after the company announced an investment in Honeycoin, its last investment for the year 2021.

Microtraction, whose long-term mission is to accelerate Africa’s transition to a sustainable and developed economy, did not disclose how much it invested in Pivo but said it is “excited to be on this journey with Pivo as they work hard to bridge Africa’s supply chain financing gap.”

Previously, small and medium-sized business owners in the supply chain industry have struggled to acquire the financing and tailored services they need to fund their contracts and drive demand. This is a challenge Pivo hopes to solve.

Legacy financial institutions that provide corporate banking solutions often need high-value collateral and might take up to 5–7 working days to convey loan decisions.

Pivo, on the other hand, is upending traditional banking by providing a new and more efficient method for suppliers throughout the continent to access financial services.

Pivo logo

The company’s primary product, Pivo Capital, allows businesses to get working capital loans of up to $50,000 to help them grow.

Pivo Capital also relies on trade finance which enables suppliers to fulfil client orders even if they lack the necessary upfront funds. Its cycle is 40–60 days, whereas working capital loans have a 31-day term.

See also  Fintech Focus: The link between Open Banking and financial inclusion

The company maintains that its primary purpose is to provide an end-to-end financial operating system for these logistic companies.

As it expands, Pivo wants to implement a multi-product approach that will allow it to handle the whole financing lifecycle of its clients’ transactions.

It plans to debut its finance product in beta by the end of Q1 2022. Users on Pivo will be able to establish and manage a corporate bank account that is personalized for their specific business using this functionality.

A team of financial enthusiasts

The company, co-founded by Nkiru Amadi-Emina and Ijeoma Akwiwu, was born out of a need to solve financial gap problems close friends and family had experienced.

Co-founders of Pivo, Nkiru Amadi-Emina and Ijeoma Akwiwu)

Both founders are technical and have industry knowledge. Nkiru and Ijeoma are doubling down on a niche market’s financial service demands, and they’ve mastered a near-risk-free process that insures a 30 to 45-day turnaround cycle.

According to the company, customers may apply for loans and receive a decision within 24 hours once all the needed evidence has been submitted and confirmed.

These processes ensure that it seamlessly bypasses the stumbling blocks that traditional banks impose, such as lengthy forms, setup fees, and minimum balances.

See also  FCMB to boost customer service

Users may supply information about their business with a few clicks on the Pivo Dashboard and be up and running in 5 minutes or less.

Pivo’s credit operations follow a Supply Chain Finance strategy, with each loan related to a transaction.

In many circumstances, a verified Pro-forma invoice or alternative will be enough for the Pivo customer to establish proof of the business connection for which they want money.

Pivo’s progress so far

Pivo initially onboarded 100 active customers and processed over $100K in loan applications. These figures have since doubled, with logistics subcontractors receiving more than 70% of all loans disbursed.

According to the company, its solution might become a different asset class for HNIs wishing to diversify their investment portfolio.

Pivo concentrates on a B2B strategy, and financiers can engage directly with individual users, covering the financial needs of suppliers from beginning to end.

As a result of the team’s strategy, suppliers and contractors now have access to relevant service offerings, which eliminates a reoccurring issue.

Complementary services like insurance and regulatory compliance advice would also help to reduce the chances of cargo being lost in transit.

Related Articles

June 28, 2022

Abeg changes name to PocketApp, gets AIP to operate as mobile money operator

October 12, 2021

Nigeria’s Opay is the only African fintech listed in the 2021 Top 250 by CB Insights

August 19, 2021

4G Capital Hires KCB Bank Head of Digital Financial Services to Drive the Adoption of Digital Banking Services-Techmoney

122 thoughts on “Microtraction announces investment in fintech startup Pivo, its first deal for the year”

  1. The energy massage inSoho it today skill give away bliss. The Soapy massage – on the influence on clients is meant practically unlimited available opportunities actions on bodily, and consequently, and psychoemotional state of health friends.
    And while, french massage and not violates practically any prohibitions, for the reason it's not about sexual contact.
    Sensitive touch rasprekrasnoy girls will flow through your body, dipping in depth boundless the ocean pleasure. In the quiet slip, donating your skin kisses, prelestress envelops the warmth of one's body. You will be surprised at, which sea bliss today it is possible to feel fromnude massage in Midtown.
    Systematically visiting the four hands massage for clients, you guarantee himself excellent sexual relaxation.
    In school sensual massage women will hold erotic 4hands massage. Similar swedish massage, as in principle, and relaxation, influences on some area human body, this give a chance male gain strength.

    Топ ЖЖ рейтинг постов блогеров

    Reply

  2. And while, french massage and not violates practically any prohibitions, for the reason it's not about sexual contact.
    In school sensual massage women will hold erotic 4hands massage. Similar swedish massage, as in principle, and relaxation, influences on some area human body, this give a chance male gain strength.
    The energy massage inSoho it today skill give away bliss. The Soapy massage – on the influence on clients is meant practically unlimited available opportunities actions on bodily, and consequently, and psychoemotional state of health friends.
    Systematically visiting the four hands massage for clients, you guarantee himself excellent sexual relaxation.
    Dear gentlemen!

    Лента всех блогов инвесторов и трейдеров

    Reply

  4. I just couldn’t depart your website before suggesting that I actually enjoyed the standard info a person provide for your visitors? Is going to be back often to check up on new posts

    Reply

  8. great post, very informative. I wonder why the other specialists of this sector don’t notice this. You should continue your writing. I am sure, you have a huge readers’ base already!

    Reply

  10. Thanks for every other fantastic post. The place else may anyone get that type of information in such an ideal means of writing? I’ve a presentation next week, and I’m on the look for such info.

    Reply

  11. Hey there! Do you know if they make any plugins to safeguard against hackers? I’m kinda paranoid about losing everything I’ve worked hard on. Any suggestions?

    Reply

  13. Hey there! This is kind of off topic but I need some help from an established blog. Is it very difficult to set up your own blog? I’m not very techincal but I can figure things out pretty fast. I’m thinking about creating my own but I’m not sure where to begin. Do you have any ideas or suggestions? With thanks

    Reply

  22. Hi there! I know this iss somdwhat off toplic but I was wondering which blog platform aree you usig foor this website?
    I’m geting tired of WordPress because I’ve had problems with hackers annd I’m looking at options foor another platform.
    I wojld bee fantasttic if youu could poiknt me inn the direction oof a gpod platform.

    Reply

  23. I blieve that iss one off the uch a lot vital
    infprmation for me. And i am satrisfied reading your article.
    However wanna commentaryy onn some basic issues, The web
    site tastge is ideal, the articles is reallyy nice : D.

    Good activity, cheers

    Reply

  24. Do you mind if I quote a couple of your articles as long as I provide credit and sources back to your webpage? My blog site is in the very same area of interest as yours and my users would certainly benefit from a lot of the information you provide here. Please let me know if this ok with you. Thanks!

    Reply

  25. When I originally commented I clicked the -Notify me when new comments are added- checkbox and now each time a comment is added I get four emails with the same comment. Is there any way you can remove me from that service? Thanks!

    Reply

  31. I have been exploring for a bit for any high quality articles or blog posts on this sort of area . Exploring in Yahoo I at last stumbled upon this site. Reading this information So i am happy to convey that I have an incredibly good uncanny feeling I discovered just what I needed. I most certainly will make sure to do not forget this website and give it a look on a constant basis.

    Reply

  37. usually posts some incredibly fascinating stuff like this. If you are new to this sitethank you pour votre texte . cela se décline rapidement et ça ne fait pas de mal écrit.I’m extremely pleased to discover this website. I wanted to thank you for ones time just for this fantastic read!My website: anal porno

    Reply

  38. Very good blog! Do you have any recommendations for aspiring writers? I’m hoping to start my own site soon but I’m a little lost on everything. Would you advise starting with a free platform like WordPress or go for a paid option? There are so many choices out there that I’m completely overwhelmed .. Any recommendations? Many thanks!

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *