Pivo, a Nigerian fintech startup, is ceasing its operations in the country, as confirmed by the company’s CEO, Nkiru Amadi-Emina, in a communication with TechCabal.
News About Nigeria gathered that the specific reasons behind this decision have not been disclosed, and Amadi-Emina has indicated that more details will be shared later.
“I cannot provide the specifics at this time but will be happy to do so later,” Amadi-Emina, siad via WhatsApp.
Established in 2021, Pivo aimed to provide banking services tailored for small and medium-sized enterprises (SMEs) in Africa.
Prior to its announcement of closure, the startup had successfully secured substantial funding, including a $2 million seed round from investors like Y Combinator, Ventures Platform, and Mercy Corp Ventures.
Co-founded by Nkiru Amadi-Emina (CEO) and Ijeoma Akwiwu (COO) in July 2021, Pivo focused on delivering banking solutions to small logistics and haulage businesses within Nigeria’s supply chain sector.
TechCabal reported that despite securing $2 million in seed funding for providing banking services to African SMEs, Pivo has not disclosed further information about the shutdown.
The startup, which previously raised a $100,000 pre-seed round from investors like Microtraction, FirstCheck Africa, and Rally Cap Ventures for expansion to East Africa and the launch of new payment-related products, had enjoyed a unique position in the supply chain sector as it began operations when there was no direct competition.
Pivo additionally facilitated credit for businesses seeking funds to finance transactions, with the validation of prospective buyers ensuring legal deals and contributing to an impressive 98% repayment rate.
Pivo’s closure is the most recent among several African startups that have ceased operations this year due to diverse factors.
