BAS Group, a Nigerian investment startup, has acquired a majority stake in Zuvy Technologies, a Lagos-based startup specialising in invoice-based financing.
The deal, executed as an all-cash transaction for an undisclosed sum, gives BAS over 50% ownership and full operational control of the fintech firm.
Announcing the deal on his LinkedIn profile on Wednesday, June 25, 2025, Abdulateef Hussein, founder and CEO of BAS Group, acknowledged and welcomed Zuvy Technologies into the BAS Group fold.
“By combining Zuvy’s platform with our infrastructure, we’re accelerating toward a future where more African businesses can thrive with confidence and cash flow certainty,” he said.
A New Chapter for Zuvy as Founders Step Aside
According to reports, all investors in Zuvy have been bought out as part of the deal. Zuvy’s co-founders, Angel Onuoha and Ahmad Shehu, will retain minority stakes but are stepping back from day-to-day operations.
“Think of the Zuvy platform as another add-on under our finance arm,” Abdulateef Hussein told TechCabal. “It’s going to be very seamless for us because it’s just a new product added to our lending offerings.”
Zuvy Technologies was founded in 2021 by Angel Onuoha and Ahmad Shehu. It began by providing short-term loans, but in 2023, Zuvy pivoted from direct lending to a loan origination model, helping facilitate credit through external financiers.
“When you’re doing direct lending, you have full control over the exact types of loans you want to disburse, but it relies on constant fundraising to actually scale your loan book,” said Onuoha.
A Pivot to Healthtech for Zuvy’s Founders
While BAS gears up to scale its lending ambitions, Zuvy’s founding duo is pursuing a new mission in healthcare. In the U.S., Onuoha and Shehu have also launched Avelis Health, a startup focused on medical billing transparency.
“I’ve had a chronic knee injury for the past decade,” Onuoha said. “In the US, medical billing is an extremely complex system. I wanted to find a way to help patients push back against those bills and give them the tools to actually pay fair prices for the care they receive.”
Strategic Consolidation in SME Lending
The acquisition of Zuvy by BAS Group is a textbook example of strategic consolidation in Nigeria’s fintech sector, according to experts.
Experts noted that this marks a critical step in making alternative financing tools more mainstream in an economy where SMEs contribute over half of GDP but struggle to secure bank loans.
By blending Zuvy’s tech-driven invoice discounting system with its existing insurance and financial services, BAS Group is positioning itself as a one-stop shop for small business financing.
