Nigerian fintech, Billboxx has secured $1.6 million in pre-seed funding to address the cash flow issues faced by small and medium-sized enterprises (SMEs).
Alex Bakir, General Partner at Norrsken Accelerator confirmed this in a statement seen by TechParley on Sunday December 15, 2024.
The funding round, which combines debt and equity, attracted contributions from prominent investors including Norrsken Accelerator, Kaleo Ventures, 54 Collective, P2Vest, and Afrinovation Ventures.
This financial boost will allow Billboxx to enhance its operations, expand its workforce, and introduce innovative features aimed at empowering SMEs.
How Billboxx Works
Founded in 2023 by entrepreneurs Justus Obaoye and Abdulazeez Ogunjobi, Billboxx specialises in invoice financing, enabling SMEs to receive payments in advance of client settlements. However, access to funds requires approval from the enterprise partner.
The platform charges a financing fee of up to 5% and a 1.5% transaction fee for payments processed through its system.
Currently, Billboxx claims to process ₦1 billion in monthly transactions, boasting a track record free of defaults.
Its financial tools are designed to simplify billing and cash flow management, targeting SME-specific pain points.
Notable partnerships include collaborations with Monument Distillers and the International Institute of Tropical Agriculture (IITA).
Looking ahead, the company is planning to expand across Africa and unveil a new feature designed to help SMEs better integrate into corporate ecosystems. While details remain undisclosed, Billboxx envisions becoming a vital financial backbone for SMEs across the continent.
What the Investors Say
Alex Bakir, General Partner at Norrsken Accelerator, praised Billboxx for addressing a crucial challenge for SMEs: managing cash flow.
“The team has experienced first-hand the challenges associated with invoices and payments and is committed to building solutions that work for small businesses across the continent. We see enormous potential in the financial solutions Billboxx is developing,” said Bakir.
Bongani Sithole, CEO at 54 Collective, echoed this enthusiasm, highlighting the founders’ proven track record.
“These founders, with successful exits under their belts, are leveraging their experience to address a massive pain point for SMEs in Africa. The large market size, early traction, and strong partnerships make Billboxx an exciting investment opportunity,” said Sithole.
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Meet the Visionaries Behind Billboxx
Justus Obaoye and Abdulazeez Ogunjobi, the co-founders of Billboxx, are seasoned entrepreneurs with a track record of building and scaling innovative startups.
Together, they bring a unique blend of expertise, leadership, and strategic vision to the fintech space, addressing critical financial challenges for SMEs across Africa.
Justus Obaoye holds a BSc in Geology from the University of Ilorin. Known for his excellent organizational and interpersonal skills, Justus has played key roles in both entrepreneurial ventures and corporate leadership.
He and Abdulazeez co-founded Charistouch (Carido), an auto service startup that was successfully acquired by Cars45.
He later co-founded Fixit45, a spin-off from Cars45 that provides aftermarket automobile solutions.
At Cars45, Justus served as Head of Aftersales and Vice-President of Aftersales, driving operational excellence and customer satisfaction.
In 2022, he took on the role of Country Manager for Bolt Nigeria, overseeing strategic growth initiatives.
Abdulazeez Ogunjobi complements Justus with his tech expertise and entrepreneurial drive. He holds a BSc in Physics & Education from the University of Lagos and certifications in Big Data and Cybersecurity from IBM.
Like Justus, Abdulazeez co-founded Charistouch (Carido), leading to its acquisition by Cars45, and later worked alongside him to establish Fixit45.
Abdulazeez has also served as Country Manager at Amgray Global Logistics and CTO at 360 Degree EMN Project Group, gaining valuable experience in operations and technology leadership.
Additionally, he co-founded Scadium, a digital marketplace, and SimbiBot, an edtech platform designed to empower African students.
Their combined entrepreneurial journeys, marked by successful exits and leadership roles, have equipped them with the strategic insight needed to scale Billboxx.
By leveraging their deep understanding of SME pain points, the duo is positioning Billboxx as a transformative force in African fintech, offering tailored solutions that empower businesses to thrive.
