Nigerian fintech Billboxx, a provider of invoicing, cash flow, and bill payment solutions for small businesses, has raised $1.6 million in pre-seed funding.
This funding round will enable Billboxx to scale its platform and expand its reach across the African market. The company charges up to 5% for invoice financing and 1.5% transaction fees for payments processed on its platform.
“Cash flow difficulties are the leading cause of business failures in Africa, with delayed invoice payments being a major contributor,” Justus Obaoye, Co-founder & CEO of Billboxx said in a statement shared with Condia.
“Billboxx is dedicated to solving these issues with an integrated platform that ensures consistent cash flow and financial resilience for businesses.”
The round, led by Norrsken Accelerator, Kaleo Ventures, 54 Collective, P2Vest, and Afrinovation Ventures, includes a mix of debt and equity.
Billboxx aims to address the significant cash flow challenges faced by African SMEs, particularly those stemming from delayed invoice payments.
The company’s integrated platform streamlines billing processes, automates invoicing, and facilitates faster payment collection, enabling businesses to improve cash flow and focus on growth.
Founded in 2023 by Justus Obaoye and Abdulazeez Ogunjobi, Billboxx has already processed over $4 million in invoice payments since launching its minimum viable product (MVP) in May 2023. The platform leverages strategic integrations with a major Nigerian bank, a prominent African payment gateway, and multiple lending partners to facilitate seamless payment through bank transfers, cards, and financing options.
“Billboxx is tackling a critical challenge for SME growth in Africa – managing cash flow,” said Alex Bakir, General Partner at Norrsken Accelerator. “The team has experienced first-hand the challenges associated with invoices and payments, and is committed to building solutions that simply work for small businesses across the continent.”
