A start-up fintech firm, Pivo, has announced that it is shutting down a year after raising more than $2 million in seed round.
The firm founded by Nkiru Amadi-Emina (CEO) and Ijeoma Akwiwu (COO) in July 2021 is known for offering backing services to small supply chain businesses, raised the round from Y Combinator, Ventures Platform, Mercy Corp Ventures, and over 15 other investors.
It also offered banking services to small logistics and haulage businesses in Nigeria’s supply chain sector.
The co-founder and CEO, Amadi-Emina, who spoke with TechCabal when asked about the status of the firm, was quoted as saying, “I cannot provide the specifics at this time but will be happy to do so later,”
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.
Recall that Pivo had always wanted to solve the liquidity problem in Africa’s supply chain by providing financing options for supply chain businesses like logistics service providers, clearing and forwarding businesses, and FMCG distributors.
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.
