Billboxx, a Nigerian fintech company providing integrated billing-to-payment solutions, raises $1.6 million in pre-seed funding to tackle cash flow challenges for small and medium-sized enterprises (SMEs) across Africa.
The funding round includes investments from Norrsken Accelerator, Kaleo Ventures, 54 Collective (formerly Founders Factory Africa), P2Vest, and Afrinovation Ventures.
Alex Bakir, General Partner at Norrsken Accelerator, emphasizes the importance of Billboxx in solving cash flow issues that hinder SME growth.
“Billboxx addresses a key challenge for SMEs—managing invoices and payments. The team’s firsthand experience with these issues equips them to develop impactful solutions for small businesses across the continent,” Bakir states.
Similarly, 54 Collective CEO Bongani Sithole highlights the potential of Billboxx’s innovative platform.
“The founders bring remarkable expertise and have already demonstrated strong early traction with major corporate partnerships. Their scalable tech product and the vast market opportunity make this an exciting investment,” Sithole remarks.
Co-founders Justus Obaoye and Abdulazeez Ogunjobi bring extensive entrepreneurial and corporate expertise to Billboxx. They previously co-founded Charistouch (Carido), later acquired by Cars45, and Fixit45, a spin-off from Cars45. Their leadership experience at companies like Schlumberger, Bolt, and OLX strengthens their ability to lead innovative ventures.
Obaoye highlights the urgency of solving cash flow issues, stating, “Delayed invoice payments are one of the main reasons businesses fail in Africa. Billboxx provides tools to ensure consistent cash flow, enabling SMEs to focus on growth.”
Billboxx’s platform simplifies billing processes, eliminates inefficiencies from manual invoicing, and reduces the risks of delayed payments. With features such as automated billing, secure payment facilitation, and tailored cash flow financing, the platform empowers SMEs to achieve financial stability.
Since its launch in early 2023, Billboxx has processed over $4 million in invoice payments through its Minimum Viable Product (MVP) introduced in May 2023.
With this funding, Billboxx continues its mission to support African SMEs, ensuring they overcome financial challenges and thrive in competitive markets.
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