Billboxx Secures $1.6 Million Pre-Seed Funding to Empower African SMEs with Cash Flow Solutions

Billboxx, the integrated billing to payment platform aimed at ensuring timely payments for businesses across Africa, has successfully closed a $1.6 million pre-seed funding round. The investment round saw participation from renowned investors including Norrsken Accelerator, Kaleo Ventures, Founders Factory Africa – FFA (now 54 Collective), P2Vest and Afrinovation Ventures.

This significant financial backing will enable Billboxx to tackle the critical cash flow challenges faced by SMEs across Africa. Manual invoicing and deferred payments often result in delayed payments, stifling many SMEs. Billboxx’s integrated billing-to-payment platform streamlines billing processes, reduces inefficiencies from manual invoicing, and mitigates the impact of deferred payments. By providing automated billing and invoicing, secure payment facilitation, and tailored cash flow financing, Billboxx empowers businesses to achieve consistent cash flow and focus on growth.

Founded in early 2023, Billboxx has facilitated over four million dollars in invoice payments through its MVP launched in May 2023. The platform boasts strategic integrations with a leading commercial bank in Nigeria, a prominent African payment gateway, and multiple lending partners, enabling seamless payment facilitation via bank transfers, cards, and financing options.

Co-founders Justus Obaoye and Abdulazeez Ogunjobi bring extensive entrepreneurial experience to Billboxx. They previously co-founded two startups: Charistouch (Carido), successfully acquired by Cars45, and Fixit45, a spin-off from Cars45. Their leadership experience in large corporations and scaleups such as Schlumberger, Bolt, and OLX add to their strategic insight and entrepreneurial prowess.

“Cash flow difficulties are the leading cause of business failures in Africa, with delayed invoice payments being a major contributor,” says Justus Obaoye, Co-founder & CEO of Billboxx. “Billboxx is dedicated to solving these issues with an integrated platform that ensures consistent cash flow and financial resilience for businesses. This funding round enables us to expand our impact and empower more SMEs to thrive.”

Abdulazeez Ogunjobi, Co-founder & CTO, emphasizes the transformative impact of the Billboxx platform: “Delayed invoice payments pose a significant threat to SME growth and survival. Our platform not only streamlines the billing-to-payments workflows but also offers strategic embeddings to expedite payments. We aim to alleviate payment concerns and allow SMEs to focus on their core business.”

Alex Bakir, General Partner at Norrsken Accelerator, says, “Billboxx is tackling a critical pain point for SME growth in Africa – managing cash flow. The team has experienced first-hand the challenges associated with invoices and payments, and is committed to building solutions that simply work for small businesses across the continent. We’re proud to support Justus, AZ and the team, and see huge potential in financial solutions Billboxx is developing.”

Bongani Sithole, Chief Executive Officer at 54 Collective (formerly Founders Factory Africa), says, “We’re enthusiastic about the innovative work the Billboxx team is building. These 3x founders with successful exits under their belts are leveraging their leadership and business experience to tackle a massive pain point for SMEs across Africa. We invested in the Company due to the large market size of the opportunity, impressive early traction gained from strong early partnerships with notable large corporates and startups, as well as the solid tech product the team has developed. We’re delighted to back Justus and Abdulazeez as they continue to scale Billboxx.”

Billboxx is on a mission to empower SMEs with the cash flow solutions they need to thrive, ensuring they remain in business. This pre-seed funding round which is a mix of debt and equity is a testament to the company’s innovative approach and commitment to building a more financially secure future for SMEs – the backbone of the African economy.