By ET Bureau - November 25, 2022 1 Mins Read
Pivo, a startup focused on financial services, has announced that it has closed a USD 2 million seed round.
In a statement, Pivo stated that it intended to use the funding to expand outside of Lagos, its first market, and other African nations, particularly in East Africa. It also stated that it planned to hire talent and upgrade and create new products. Pivo+, a collection of value-added services being developed by the company, will transform Pivo into a complete financial services platform.
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According to the business, Pivo Capital has given out over USD 3 million to SMEs and has a 98% repayment rate, while the volume of transactions on Pivo Business increased by over 400% between April and September of this year. Since July, the startup has recorded a total volume of USD 4.7 million.
Read More: Pivo powers up Nigerian freight carriers with a bespoke digital bank, gets $2M seed funding
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