Billboxx, a Nigerian billing-to-payment platform aimed at ensuring timely payments for businesses across Africa, has raised $1.6 million in pre-seed funding.
The round saw participation from notable investors which include Norrsken Accelerator, Kaleo Ventures, 54 Collective (formerly Founders Factory Africa), P2Vest, and Afrinovatiom Ventures.
The funds raised will support Billboxx’s mission to address the persistent cash flow challenges faced by small and medium-sized enterprises (SMEs). Issues like manual invoicing and deferred payments frequently lead to delayed payments, a significant hurdle for SME growth and sustainability across the continent.
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Billboxx helps users make informed cash management decisions. The startup provides a complete picture of cash outflows and inflows, where users get to see complete digital audit trails for every invoice and have a complete picture of their financial position. Also, the startup enables users to get direct access to credit for themselves and their customers, making it easy to pay bills, expand, and stay cash flow positive.
Launched in 2023, Billboxx was built with a single purpose to create a world where small businesses can pay and get paid on time without the hassles and by doing so, propel the success of small businesses as the backbone of the economy.
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 scale-ups 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 has facilitated over four million dollars in 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.
Abdulazeez Ogunjobi, Co-founder & CTO, emphasizes the transformative impact of the Billboxx platform.
In his words,
“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.”
Billboxx’s mission is to empower SMEs to thrive by providing a seamless platform that enables them to pay and get paid on time, every time. The startup is dedicated to eliminating the unnecessary pain and challenges associated with receiving payments and fostering the growth and success of small businesses across Africa.
With a vision to create a world where every small business, regardless of size or industry, can efficiently manage finances and cash flow, Billboxx strives to become the go-to platform that revolutionizes the SME billing cycle. The billing-to-payment platform seeks to ensure they these businesses have the financial stability and freedom to make informed decisions and seize growth opportunities.