Billboxx, an integrated billing-to-payment platform focused on ensuring timely payments for businesses across Africa, has closed a $1.6m pre-seed funding round.
The funding round saw contributions from notable investors, including Norrsken Accelerator, Kaleo Ventures, 54 Collective (formerly Founders Factory Africa), P2Vest, and Afrinovation Ventures, according to a report from FinTech Finance News.
Billboxx provides an innovative platform that addresses cash flow challenges faced by SMEs in Africa. Manual invoicing and deferred payments often disrupt businesses’ financial stability. Billboxx’s platform automates billing, reduces inefficiencies, and facilitates secure payments. It also offers tailored cash flow financing to help businesses achieve financial consistency and focus on growth.
Billboxx co-founder and CEO Justus Obaoye said, “Cash flow difficulties are the leading cause of business failures in Africa, with delayed invoice payments being a major contributor.
“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.”
Norrsken Accelerator general partner Alex Bakir added, “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.”
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