Billboxx, a billing-to-payment platform designed to streamline cash flow for African businesses, has raised $1.6 million in a pre-seed funding round. The investment was backed by prominent players such as Norrsken Accelerator, Kaleo Ventures, Founders Factory Africa (now 54 Collective), P2Vest, and Afrinovation Ventures.
The funds will help Billboxx address the pervasive cash flow issues faced by African SMEs, which are often caused by delayed invoice payments and manual invoicing processes.
Alex Bakir, General Partner at Norrsken Accelerator, expressed confidence in Billboxx’s ability to simplify cash flow management for SMEs. “We’re proud to support Justus, AZ, and the team as they build financial solutions that simply work for small businesses across the continent,” Bakir said.
Similarly, Bongani Sithole, CEO at 54 Collective, highlighted Billboxx’s strong market potential, early traction with major partners, and its well-developed tech product. Sithole noted, “We’re delighted to back Justus and Abdulazeez as they continue to scale Billboxx.”
Co-founders Justus Obaoye and Abdulazeez Ogunjobi bring a wealth of entrepreneurial and corporate experience to the venture. Their previous startups, Charistouch (Carido) and Fixit45, achieved notable success, including an acquisition by Cars45. The duo’s leadership roles in companies like Schlumberger, Bolt, and OLX further bolster their ability to drive Billboxx’s mission forward.
Obaoye emphasized the platform’s impact, stating, “Cash flow difficulties are the leading cause of business failures in Africa. Billboxx is committed to empowering SMEs by mitigating delays in invoice payments.”
Launched in early 2023, Billboxx has already facilitated over $4 million in invoice payments through its MVP. The platform automates billing and invoicing, enables secure payment processing, and offers tailored cash flow financing. These innovations help SMEs maintain consistent cash flow, reduce inefficiencies, and focus on growth.
By addressing a critical need in Africa’s business ecosystem, Billboxx is poised to play a transformative role in driving the success of SMEs across the continent.
