Nigerian fintech platform Billboxx has successfully raised $1.6 million in a pre-seed funding round to address cash flow challenges faced by small and medium-sized enterprises (SMEs) across Africa. The company provides an integrated billing-to-payment platform designed to streamline payment processes and ensure timely transactions for businesses.
The funding round attracted prominent investors, including Norrsken Accelerator, Kaleo Ventures, 54 Collective (formerly Founders Factory Africa), P2Vest, and Afrinovation Ventures. According to Billboxx, the investment will enhance its capacity to deliver innovative solutions for SMEs grappling with delayed payments and cash flow constraints.
Alex Bakir, General Partner at Norrsken Accelerator, emphasized the importance of Billboxx’s mission in supporting African SME growth. “Cash flow management is a critical pain point for SMEs,” Bakir explained. “The team’s first-hand experience with invoice and payment challenges positions them uniquely to create impactful solutions for small businesses across the continent. We’re proud to support Justus, AZ, and the team as they develop transformative financial tools.”
Bongani Sithole, CEO at 54 Collective, highlighted the founders’ entrepreneurial track record and the company’s early successes. “With a large market opportunity, strong early traction, and a solid tech product, Billboxx is well-positioned to address a massive pain point for African SMEs. We’re excited to support Justus and Abdulazeez as they scale their innovative solutions,” Sithole noted.
Billboxx was co-founded by Justus Obaoye and Abdulazeez Ogunjobi, seasoned entrepreneurs with a history of successful ventures. Their previous startups include Charistouch (Carido), acquired by Cars45, and Fixit45, a Cars45 spin-off. Additionally, their leadership roles at Schlumberger, Bolt, and OLX have equipped them with the expertise needed to navigate complex business challenges.
Speaking on the company’s mission, Obaoye stated, “Cash flow issues remain the leading cause of business failures in Africa, with delayed invoice payments being a key factor. Billboxx is committed to empowering SMEs with tools to overcome these obstacles and thrive in the competitive landscape.”
This funding marks a significant step in Billboxx’s journey to revolutionize financial management for African SMEs, positioning the platform as a critical ally in the region’s economic growth.
About Author
