Billboxx, a fintech startup addressing cash flow challenges for Small and Medium Enterprises (SMEs) in Nigeria, has raised $1.6 million in a pre-seed funding round. This funding round, a combination of equity and debt, attracted notable investors such as Norrsken Accelerator, Kaleo Ventures, 54 Collective, P2Vest, and Afrinovation Ventures.
Founded in 2023 by Justus Obaoye and Abdulazeez Ogunjobi, Billboxx aims to tackle delayed payment cycles that hinder SME growth. The platform facilitates invoice financing, enabling SMEs to receive payments upfront, contingent on enterprise customer approval. With a transaction fee of 1.5% and up to 5% charges on invoice financing, the company has quickly established itself as a go-to solution for cash flow challenges.
Since its launch in May 2023, Billboxx claims to have facilitated over $4 million in invoice payments and processes ₦1 billion monthly. It distinguishes itself through partnerships with larger enterprises, providing SMEs with tools to manage their billing and payments seamlessly. The startup also integrates with a leading Nigerian commercial bank, African payment gateways, and lending partners, streamlining its services.
The founders’ entrepreneurial track record further underscores Billboxx’s credibility. Obaoye and Ogunjobi previously co-founded Charistouch (Carido), acquired by Cars45, and Fixit45, a Cars45 spin-off. Their expertise in startups and leadership experience at companies like Schlumberger and OLX have been instrumental in Billboxx’s rapid growth.
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The startup’s innovative approach to solving a critical problem has garnered praise from investors. Alex Bakir, General Partner at Norrsken Accelerator, remarked, “Billboxx is tackling a critical pain point for SME growth in Africa—managing cash flow. The team has experienced first-hand the challenges associated with invoices and payments and is committed to building solutions that simply work for small businesses across the continent. We’re proud to support Justus, AZ, and the team and see huge potential in the financial solutions Billboxx is developing.”
Similarly, Bongani Sithole, CEO of 54 Collective, highlighted the founders’ expertise and entrepreneurial drive, saying, “We’re delighted to back Justus and Abdulazeez as they continue to scale Billboxx.”
Looking forward, Billboxx plans to expand its services across Africa, introducing features that help SMEs connect with corporate ecosystems to unlock new opportunities. While details remain under wraps, Obaoye envisions Billboxx becoming the financial operating system for SMEs in Africa.
Billboxx’s strong foundation, robust partnerships, and focus on solving cash flow challenges will make it a major player in Africa’s SME ecosystem.
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