Pivo builds a bespoke digital bank for freight carriers and other SME vendors in manufacturing supply chains, offering bank accounts, debit cards, digital invoicing, payments reconciliation and credit (Pivo Capital). Its credit product provides early payment advances to truckers and covers upfront operational costs, while Pivo Business enables peer-to-peer payments, spend-controlled debit cards and payment tracking. The company monetizes via interest on capital and fees on payments processed. Pivo currently serves about 500 SMEs, has disbursed over $3 million through Pivo Capital with a 98% repayment rate, and recorded transaction volume growth of over 400% between April and September; it logged $4.7 million in total volume from July to date. The founders are developing Pivo+, a package of value-added services to expand the platform into a fuller financial services offering. They plan to use new financing to upgrade products, build new features, hire talent and expand beyond Lagos into other African markets, particularly East Africa.

Total raised

$2M

Funding rounds

1

Latest round

Seed

Latest activity

Nov 2022