Pivo powers up Nigerian freight carriers with a bespoke digital bank, gets $2M seed funding • TechCrunch

Maximum small and medium enterprises (SMEs) in provide chains throughout other sectors in Africa execute orders in days however obtain invoices after a number of weeks and once in a while months. It’s such an inefficient manner of doing trade that in the long run results in cash-flow issues — and on peak of which might be fragmented cost assortment and monitoring processes.

Lately, startups have taken a top-down means by way of singling out a specific sector and handing over answers to SMEs inside it. One such startup is Pivo, which is helping freight carriers receives a commission sooner by way of offering a checking account, a debit card and virtual invoicing gear that monitor bills.

The startup, based by way of Nkiru Amadi-Emina and Ijeoma Akwiwu in July 2021, is saying these days that it has closed a $2 million seed spherical. Pivo, in a remark, stated it intends to make use of the financing to improve current merchandise, construct new ones, rent ability and enlarge out of doors of Lagos, its first marketplace and different African international locations, specifically in East Africa.

Pivo supplies monetary products and services — credit score, bills and expense control — to SME distributors inside huge production provide chains, an trade Amadi-Emina, the manager govt officer, plied her industry prior to beginning the one-year-old startup, which has raised $2.55 million since release.

In 2017, Amadi-Emina introduced an on-demand supply platform centered at e-commerce manufacturers in North and Central Africa, which therefore were given received by way of Kobo360, considered one of Africa’s maximum distinguished e-logistics avid gamers. It used to be all over her time at Kobo360 — first as an undertaking account supervisor and up till she left as head of port operations — that she witnessed the obtrusive liquidity issues that existed at each ends of the logistics provide chain. Truckers want coins advances from logistics corporations similar to Kobo360, Lori Systems and MVX to transport shipment; in the meantime, those corporations additionally require producers to pay on time for distributing shipment to truckers.

“In most cases, we found out that managing cash flow was the primary issue for these businesses — it was either nonexistent or just paper-based,” Amadi-Emina instructed TechCrunch in an interview. “A lot of the payments made were made with cash and we thought to build a digital bank that provides financial services geared towards solving these various problems for SME vendors that operate within large manufacturing supply chains, starting first and foremost with the logistics providers, and then gradually moving to the supplier pockets and at the tail end of things.”

Pivo leverages production provide chain relationships and deploys monetary products and services to the SMEs inside them, most commonly truckers on this example. The credit score play of its platform, Pivo Capital, serves as an early cost choice for truckers and permits logistics corporations to take care of any in advance prices — similar to diesel and motive force’s allowance — most often incurred all over operations. Pivo Trade, its bills reconciliation arm, is helping those small companies to facilitate bills by the use of peer-to-peer transfers and monitor bills with debit playing cards with spend controls. Amadi-Emina defined that a lot of these options will force Pivo to seize a large portion of a $4 billion addressable marketplace alternative.

It’s an enormous marketplace the place Pivo has the first-mover merit. And regardless that it doesn’t appear to have any noteworthy challengers within the freight sector, startups similar to Duplo, every other YC alum, whose shoppers are SMEs within the fast-moving client items (FMCG) area, pose severe pageant ultimately when the platforms search out different sectors to copy expansion. That stated, inside its sector, there’s additionally some worry that e-logistics corporations can assemble a equivalent platform in-house (working example, Kobo360’s Payfasta).

“As a plug-and-play and embedded solution, we’ve always been more complimentary than competitive,” the manager govt instructed TechCrunch when wondered about Pivo’s possibilities if e-logistics corporations release a competing product. “If you look at e-logistics firms, the goal for them is to move towards a platform approach and if at any point in time they want to unlock financial services, we tell them to come to PIVO for that instead of going to the traditional banks.”

The Pivo group

The freight provider–centered virtual financial institution these days serves about 500 SMEs as direct shoppers and makes earnings by way of charging hobby on capital and charges on bills processed. Amadi-Emina stated Pivo Capital has allotted over $3 million to SMEs and these days data a 98% reimbursement charge whilst transaction quantity on Pivo Trade grew over 400% between April and September this 12 months. The startup has registered a complete quantity of $4.7 million from July so far.

What’s subsequent for the female-led startup? Extra expansion, in step with its CEO. The corporate is operating on Pivo+, a bundle of value-added products and services that may flip Pivo right into a full-fledged monetary products and services platform. Daniel Block, an funding most important at Mercy Corps, probably the most buyers on this spherical, thinks Pivo is designed to transform this sort of platform since the startup’s “commitment to unattended supply chain SMEs would enable it to rapidly carve out a deep moat in the competitive fintech lending space.”

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Different buyers within the seed spherical come with Precursor Ventures, Vested Global, FoundersX, and Y Combinator, the place Amadi-Emina and Ijeoma Akwiwu have completed an outstanding feat of being the 1st all-female based group the famed accelerator has sponsored in Nigeria — and the second one in Africa after the defunct Ghanaian startup Tress.

“It is a great thing that we were able to break that barrier as a female-led start-up. Getting into YC gave us validation as founders and cemented the fact that women can be at the helm of affairs in the tech space,” stated Amadi-Emina of the fulfillment. “Tech is a male-dominated space and all these man-made barriers exist that serve to keep women out. Getting into YC, with the news amplified not just locally but internationally means more people get to see strong female representation coming from Nigeria. We’re glad that a female founder somewhere looks at us and gains an awareness that it is possible that if you keep putting in the hard work, applying yourself and have the numbers to back it all up, you can achieve what you set out to.”

How To Surprise🎁 Your Girlfriend👩‍👧On Her Birthday🎂

If you want to make your girlfriend feel special on her birthday, there are a lot of things that you can do. You don't have to spend a lot of money in order to make her feel loved and appreciated.

In fact, some of the best gifts are ones that come from the heart rather than being expensive or elaborate. Try one of these ideas for making your girlfriend feel special on her birthday:

Do something she has wanted to do for a long time.

Surprise your girlfriend on her birthday by doing something she has wanted to do for a long time.

Here are some ideas:

  • Go for a morning jog with her at the park.
  • Volunteer at the animal shelter together, cleaning cages and feeding dogs or cats. If you have kids, you could also bring them along when they're old enough to help out as well! This will be a great bonding experience for everyone involved!
  • Take her on an adventure in nature like hiking up a mountain or exploring caves nearby (if there are any). It's important that you plan ahead so she doesn't get hurt while trying these activities though! Also, make sure they aren't too strenuous since women tend to not have as much energy as men do even if they look good doing it too 😉

Go somewhere she has always wanted to go.

As a rule of thumb, we suggest that you take your girlfriend somewhere she has always wanted to go, but never had the time. This can be anything from a trip to the beach or concert to an amusement park or weekend getaway at a fancy hotel. The point is for you both to enjoy yourselves and have fun together!

If you want to do something really special for your lady love on her next birthday, book tickets for her favourite band taking over the town in two weeks—but don't tell her about it yet! This will keep her on her toes during their concert date and make her feel loved after all this effort from you!

Take her on an unconventional date.

A unique date can be the perfect way to surprise your girlfriend on her birthday. When you take a girl out for the first time, you have to impress her and show her that you are not just any guy.

If she's never been to the place where you're taking her for dinner or drinks, then it'll definitely leave an impression on your woman.

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You don't have to go overboard with this one; just try something new and exciting! Even if what you choose is not extravagant or expensive, she will appreciate that special effort was made in order for her enjoyment - even more so when she realizes that all other guys wouldn't bother doing such things for their girlfriends' birthdays (or at all).

Get her a thoughtful gift.

When you're looking for the perfect birthday gift for your girlfriend, it's important to keep in mind that she will actually use and appreciate what you get her. A thoughtful gift is one that is special to you, but also something she will appreciate. You can take this a step further by making the gift yourself—this shows that you put a lot of thought into it!

A few ideas:

Spend more time with her than you usually do.

As the saying goes, actions speak louder than words. This is especially true when it comes to your girlfriend of four years who has been feeling neglected lately and has been complaining that she wants more time with you.

You could take her out for a fancy dinner or buy her a gift, but those are all things that have been done in the past by other people and they might not be as special to her as they once were. Instead, why not spend more time together?

Spend more time with her than you usually do. Make sure that each day you spend some quality one-on-one time with her before bedtime so that she knows how much she means to you—and how much fun she can be!

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important for couples to make time for each other even when life gets busy; this can help keep the spark alive in any relationship!

Do something out of the ordinary for the two of you.

  • Do something out of the ordinary for the two of you.
  • Go for a walk in the park, go for a hike, or get a babysitter and go to a movie.
  • Take your girlfriend to an art gallery or museum and look at all the paintings together.
  • Go to an amusement park that she's never been to before (but don't forget her birthday present).
  • Go see a comedian perform live with your girlfriend so that he can make jokes about how old you both are!

Bring her flowers or a small gift when she least expects it.

Flowers are a classic gift that any woman would love to receive on her birthday. The most important thing to know is what kind of flowers she likes best, so do some research and make sure you know your girl's favourite flower before you go out and buy it.

If you're not sure, ask her friends or family members what they think she would like.

Another thing you can do with flowers is getting creative with the presentation. You could wrap them up in cellophane and place them in a small box filled with tissue paper or put them in a vase and bring that to her house.

This can be done by asking the florist for help if you aren't sure how to arrange them yourself!

Don't forget to include a card or note explaining why they're special: "Happy Birthday" or some form of gratitude might be enough depending on how well you know each other at this point (if not yet).

Give her a private dance party.

If you want to surprise your girlfriend on her birthday, then the best way is to invite her over for a private dance party.

You could play some of her favourite songs, or even make up a song that describes how much she means to you. You can even put on some fancy clothes and dance with her. The most important thing is to make it special because after all, this is the woman who has been by your side since the beginning.

If she doesn't like dancing and prefers to sit back and watch others do their thing, then just make sure that she feels comfortable watching from afar before joining the fun!

Bring back an inside joke or happy memory from your relationship.

One of the best ways to surprise her is by bringing back an inside joke or happy memory from your relationship.

The best way to bring back a happy memory is by showing her something that reminds you both of that memory, like photos or videos. You can also share stories about how funny it was, and how much fun you had together.

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For example, if she always laughs when you say “I love dinosaurs” in a really annoying voice, then saying “I love dinosaurs” in your most annoying voice would be a great way to surprise her on her birthday!

You can make your girlfriend feel special without spending too much money

You can make your girlfriend feel special without spending too much money.

Spending time with her and doing something she has always wanted to do is one of the best ways to surprise your girlfriend on her birthday. You can also surprise her by buying her a thoughtful gift.

To make this gift special, you can add a personal touch that not everyone else will have thought of. For example, if your girlfriend likes chocolate then you could buy her some chocolates but add a personal message inside each box so that only they know what it says.

Conclusion

You don’t have to spend a lot of money to show how much you care about your girlfriend. If you want to do something special for her birthday, just think about what she likes and try to make it happen.

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