Tech

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

Published

1 year ago

November 25, 2022

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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Tech

Intel Liftoff Hackathon 2024 calls for applications from African AI startups

Published

11 hours ago

April 26, 2024

Akanimoh Etim

Applications for the 2024 cohort of Intel Liftoff Hackathon has opened for African AI startups designed to bring together aspiring tech entrepreneurs, software developers, and AI enthusiasts to collaborate, innovate, and create solutions to concrete African challenges.

In its second edition, the hackathon welcomes pioneering early-stage AI startup teams from the African continent, delving into experiments with LLM technology, a statement on the website of the organiser stated.

It added that the Intel Liftoff Hackathon for African AI Startups, which will be held online on May 27-31, is themed “Hack and Connect”, and will take place in partnership with Modus Africa, University Mohamed VI Polytechnic, Morocco

Other partners include TUT Hub of Artificial Intelligence Institute of South Africa, Prosper Africa, UM6P Ventures, FAST Accelerator, Innov8 Technology Hubs, and Open Startups International.

“The hackathon will feature hands-on workshops that will allow learning of AI essentials; three days of challenges with mentors to test skills; exhibition opportunities to showcase startups and forge partnerships with industry leaders; and networking opportunities to engage with fellow startups and gain insights from domain experts in the AI ecosystem,” the statement said.

“Winners will be invited to join the Intel Liftoff for Startups programme, and receive unique mentoring sessions with ecosystem partners and marketing opportunities with blog articles,” it concluded.

Tech

Nigeria’s NGX Group enters into strategic investment partnership with Ethiopian Securities Exchange

Published

1 day ago

April 25, 2024

Akanimoh Etim

Leading Nigerian integrated market infrastructure group in Africa, the Nigerian Exchange Group (NGX), has announced strategic investment in the Ethiopian Securities Exchange (ESX).

Chairman of the NGX Group,
Alhaji Umaru Kwairanga, who made the announcement in a statement, said the pivotal move would not only mark the group’s entry into the East African market but also “underscores its commitment to driving growth and innovation in the African capital markets, while strategically positioning itself as the largest foreign institutional investor in the ESX.”

He noted that the “investment in the ESX reflects NGX Group’s confidence in the potential of Ethiopia’s rapidly growing economy and capital market.”

“By partnering with ESX, NGX Group aims to support the development of a vibrant and resilient financial ecosystem in Ethiopia, fostering increased investor participation and capital formation.

“Through this investment, NGX Group aims to contribute to robust regulatory frameworks and foster best practices within the ESX ecosystem.

”We extend our congratulations to the ESX on its successful capital raise and commend the Government of Ethiopia and the private sector for their support in bringing this pioneering initiative in the country to fruition.

“Our partnership with ESX is a resounding affirmation of our unwavering dedication to promoting economic development, transparency, and exemplary corporate governance standards that foster an environment conducive to inclusive growth, even as we aim to maximize value for our esteemed shareholders.

“The Group remains dedicated to providing ongoing technical assistance and capability enhancements to support the successful operations and growth of the ESX,” the NGX Chairman said.

Also speaking on the partnership, Temi Popoola, Group Managing Director/CEO of NGX Group, said:

“We are excited to announce our investment in the Ethiopian Stock Exchange, which represents a significant milestone in our expansion strategy. Ethiopia is one of Africa’s fastest-growing economies, with immense potential for investment and growth.

“We believe that by partnering with the Ethiopian Stock Exchange, we can leverage our expertise and experience to contribute to the development of a robust and dynamic capital market in Ethiopia.”