Nigerian Fintech Billboxx Raises 1.6 Million In Pre-seed From Norrsken, 54 Collective
Billboxx, a Nigerian fintech offering invoicing and cash flow solutions to Small and Medium businesses SMEs has raised a 1.6 million pre-seed funding round. The company plans to use the capital to scale its operations, hire new talent and expand product features.
The 1.6 million, a mix of debt and equity, was raised from Norrsken Accelerator, Kaleo Ventures, 54 Collective, P2Vest, and Afrinovation Ventures.
Founded in 2023 by Justus Obaoye and Abdulazeez Ogunjobi, Billboxx aims to solve cash flow issues faced by SMEs that often struggle with long or delayed payment cycles from their larger enterprise partners. Billboxx invoice financing means SMEs can receive those advance payments before the clients pay, a crucial cashflow solution for any business.
However, customers must first receive approval from their enterprise customers before payment is approved. BillBoxx charges up to 5 for invoice financing and 1.5 transaction fees for payments done on its platform.
