Source: Punch Newspaper
Billboxx, a platform designed to simplify billing and payments for African businesses, has successfully secured $1.6 million in pre-seed funding. This funding round attracted investments from prominent organizations, including Norrsken Accelerator, Kaleo Ventures, Founders Factory Africa (now 54 Collective), P2Vest, and Afrinovation Ventures. The platform focuses on providing cloud-based business solutions tailored to the needs of African SMEs.
The newly acquired funding will enable Billboxx to tackle the cash flow challenges that many small and medium-sized enterprises (SMEs) in Africa face. A significant issue stems from delayed payments caused by manual invoicing and deferred payment systems, which hinder business growth and sustainability.
Since its establishment in early 2023, Billboxx has processed over $4 million in invoice payments through its Minimum Viable Product (MVP), launched in May 2023. The platform’s end-to-end billing-to-payment system automates the invoicing process, facilitates secure transactions, and provides tailored cash flow financing. These solutions empower SMEs to maintain consistent cash flow, allowing them to focus on scaling their operations effectively.
Through strategic partnerships with a leading Nigerian bank, a top African payment gateway, and key lending partners, Billboxx enables seamless payment processing via bank transfers, credit and debit cards, and financing options.
CEO Bongani Sithole underscored the platform’s mission to address cash flow constraints, stating, “Cash flow challenges are the primary cause of business failures across Africa, with delayed invoice payments being a significant factor. Billboxx is committed to providing financial resilience and consistent cash flow for businesses.”
Co-founder Abdulazeez Ogunjobi highlighted the transformative impact of the platform, adding, “Our goal is to eliminate payment-related stress so SMEs can concentrate on their core operations.”
Investors have also shown strong confidence in Billboxx’s potential. Alex Bakir from Norrsken Accelerator remarked, “Billboxx solves a critical challenge for SMEs by effectively managing cash flow. The team’s dedication and innovative solutions demonstrate immense promise.”
The CEO of 54 Collective praised the founders’ expertise and the platform’s early success, commenting, “This experienced team is addressing a significant market pain point for SMEs. Their strong partnerships and cutting-edge technology position them well for continued growth.”
With this funding, Billboxx is poised to expand its reach, helping African SMEs overcome cash flow barriers and achieve sustainable growth.
