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Nigerian fintech startup, Pivo, secures $2m seed funding to expand offerings

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Nigerian fintech startup, Pivo, has successfully secured a $2 million seed funding to expand its existing offerings for its customers as well as build new ones to improve transaction management and payment reconciliation for supply chains.

The company started in 2021 by Ijeoma Akwiwu and Nkiru Amadi-Emina is targeted at businesses that deal with import, export, manufacture, distribution and retail of FMCG, logistics and haulage, and clearing and forwarding.

Pivo which began with three main products, Pivo Capital, Pivo Finance, and Pivo Plus, offers access to insurance, corporate compliance and tax regulation support.

The company, in a statement on Friday by Amadi-Emina, said the $2 million seed funding round which comes from Precursor Ventures, Vested World, Y Combinator, FoundersX and Mercy Corp Ventures, will be used to upgrade existing products and build new ones as the company plans to establish its presence outside Nigerian to East Africa, and grow its team.

“After our pre-seed raise of US$550,000 early in Q1 of this year, we launched a new product, Pivo Business, with features that supply chain SMEs can use to achieve better cash flow,” Amadi-Emina said.

“The transaction volume of Pivo Business accounts grew by over 400 per cent between April and September. With this funding, we intend to build on existing products and develop solutions for supply chain anchors,” she added.

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African digital payment company, DPO Group, launches Pay Mobile App

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Leading African digital payments company, DPO Group, has launched a new version of their mobile payment app, the DPO Pay Mobile.

DPO Group Chairman and co-founder, Offer Gat, who announced the launch on Wednesday, said the new mobile payment app comes with several new features which is the culmination of listening to merchant feedback to redesign and redevelop the payment app.

“The DPO Pay Mobile app, previously called DumaPay, now offers a variety of new features to allow for easier, more convenient transactions no matter where in Africa their businesses are,” Gat said.

“We took our merchants and their customers into consideration, and together, our teams transformed our existing technology to create a mobile application that now will help businesses across Africa grow quickly and with ease,” he said.

The DPO Pay Mobile is available for download on iOS App Store and Google Play Store from November 2022, and allows credit and debit card payments from leading global card networks such as Mastercard, Visa and American Express, the CEO said.

DPO Pay Mobile can be used with major money wallets in Africa like mPesa, Tigo Pesa, Airtel Money, Orange Money and MTN MoMo.

“The app accepts payments globally, with DPO’s multi-currency solution allowing customers to pay in the currency of their choice.

“DPO Pay Mobile can now process QR codes which businesses can use to allow their customers to pay in one easy step. It can also create payment links so customers can pay online in any currency with a choice of payment methods,” Gat added.

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Kenyan fintech startup, Hisa, launches app for real-time online stocks trading

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Kenyan fintech startup, Hisa, has launched an app that allows users to invest in the stock market real-time directly from their phones using mobile money.

The multi-faceted investment platform, according to Hisa’s co-Founder and CEO, Erick Asuma, “will help users to follow discussions, read the latest business and finance news from reputable media partners.”

“Users will also get real-time market updates, learn from experts and listen to podcasts on topics ranging from technology, and personal finance as well as interviews with thought leaders.

“Today, we are very excited to launch Hisa which will allow Kenyans to invest and build wealth with minimal investments,” Asuma said at the launch of the app on Tuesday.

“Through Hisa, anyone in Kenya can invest in their favourite companies such as Safaricom, KCB, Equity, Tesla, Apple, Microsoft and many more,” Asuma added.

The company has so far received regulatory approval from the Kenyan Capital Markets Authority(CMA) and will be working closely with the Nairobi Securities Exchange (NSE) to unveil the fractional investing of Kenyan stocks, he said.

“Hisa aims to democratize the Africa retail investment space, which suffers from limited investment options, lack of information and very low financial literacy levels, through micro-investments,” Eric Jackson, co-Founder and CTO, also said, adding that the company aims to empower Africa to be financially independent by providing simplified investment solutions and educational content.

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