Nigerian fintech startup Billboxx has raised $1.6 million in pre-seed funding to help small and medium-sized businesses (SMEs) overcome their cash flow challenges. The funding round attracted notable investors including Norrsken Accelerator, Kaleo Ventures, 54 Collective, P2Vest, and Afrinovation Ventures.
Founded in 2023 by serial entrepreneurs Justus Obaoye and Abdulazeez Ogunjobi, Billboxx offers invoice financing services that allow SMEs to receive early payments before their enterprise clients pay, charging up to 5% for financing and a 1.5% transaction fee.
The company has shown promising growth, processing ₦1 billion monthly with zero defaults since its launch. Its platform serves major clients including Monument Distillers and the International Institute of Tropical Agriculture (IITA).
“We realized that every business we have interacted with had billing inefficiencies and cash flow problems. Some of them still do invoices manually or with Excel sheets,” said Obaoye, highlighting the market need for their solution.
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Alex Bakir, General Partner at Norrsken Accelerator, praised Billboxx’s focus on “tackling a critical pain point for SME growth in Africa.”
The founders bring significant experience to the venture, having previously co-founded Charistouch (acquired by Cars45) and Fixit45. They plan to use the new funding to expand operations across Africa and introduce new features that will help SMEs access market opportunities within corporate ecosystems.
Billboxx aims to become the financial backbone for African SMEs by streamlining billing processes and providing automated solutions for businesses still using manual methods.
