Pivo Africa, the Nigerian fintech startup that secured over $2.6 million from investors, including Y Combinator and Ventures Platform, is officially shutting down.
The company, founded in July 2021 by Nkiru Amadi-Emina and Ijeoma Akwiwu, aimed to provide banking services to small logistics and haulage businesses in Nigeria's supply chain sector.
Despite raising $2 million in a seed round in November 2022 with plans to expand to East Africa, Pivo faced challenges in solving the liquidity problem within Africa's supply chain.
The shutdown adds to a growing list of African startups closing this year due to economic challenges and funding gaps.
Pivo's closure marks a notable development in the fintech landscape, prompting reflections on the hurdles faced by startups in the region.
