Pivo, a Nigerian fintech startup, has shut down a year after raising $2 million in seed round.
Founded in 2021 by Nkiru Amadi-Emina and Ijeoma Akwiwu, Pivo is a financial hub allowing small & medium businesses across Africa access to all the financial services they need. It also offered banking services to small logistics and haulage businesses in Nigeria’s supply chain sector.
Pivo raised a $100,000 pre-seed round from investors like Microtraction, FirstCheck Africa, and Rally Cap Ventures two months after its launch.
Amadi-Emina and Akwiwu both had significant experience in the logistics sector before founding Pivo. Amadi-Emina founded Jalo, an on-demand delivery company acquired by Kobo360 in August 2018. When she and Akwiwu started Pivo, they had no competition in the supply chain sector.
The startup had two fintech verticals: Pivo Capital, a lending product, and Pivo Business, a business banking product. The company claimed to have disbursed more than $3 million in loans a year after its launch through Pivo Capital and processed more than $4 million through Pivo Business.