$2.1 Million in Funding Fails to Save Nigerian Fintech Startup from Closing Down

The Nigerian fintech startup, Pivo Africa, recently ceased operations after raising $2.1 million in funding. The company, backed by Y-Combinator, launched in 2021 and aimed to expand into East Africa to assist SMEs in overcoming supply chain challenges.

Pivo Africa offered two main services: Pivo Capital, providing lending services to logistics, clearing, and forwarding businesses, and Pivo Business, offering tailored banking products for supply chain businesses in Nigeria.

Despite its closure, the founders of Pivo Africa remain optimistic about the future of fintech in Nigeria, aiming to continue innovating and providing accessible financial services to underserved communities to drive economic growth in the country and beyond

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