Billboxx, a platform streamlining billing and payments for African businesses, announced the successful close of a $1.6 million pre-seed funding round. The investment included contributions from Norrsken Accelerator, Kaleo Ventures, Founders Factory Africa (now 54 Collective), P2Vest, and Afrinovation Ventures.
The funding will support Billboxx in addressing the cash flow challenges faced by African small and medium-sized enterprises (SMEs). Many SMEs struggle with delayed payments due to manual invoicing and deferred payment systems, which stifle growth.
Since its founding in early 2023, Billboxx has facilitated over $4 million in invoice payments through its Minimum Viable Product, launched in May 2023. Its integrated billing-to-payment platform automates billing, facilitates secure payments, and offers cash flow financing tailored to SMEs, enabling them to maintain consistent cash flow and focus on growth.
Strategic partnerships with a leading Nigerian bank, a major African payment gateway, and lending partners allow Billboxx to process payments seamlessly via bank transfers, cards, and financing options.
CEO Bongani Sithole highlighted the platform’s mission to combat cash flow challenges, noting, “Cash flow difficulties are the leading cause of business failures in Africa, with delayed invoice payments being a major contributor. Billboxx is dedicated to ensuring consistent cash flow and financial resilience for businesses.”
Co-founder Abdulazeez Ogunjobi emphasized the platform’s transformative impact, stating, “We aim to alleviate payment concerns so SMEs can focus on their core business.”
Investors also expressed confidence in the platform. Alex Bakir of Norrsken Accelerator noted, “Billboxx addresses a critical pain point for SMEs by managing cash flow effectively. The team’s commitment and solutions show huge potential.”
The CEO of 54 Collective praised the founders’ expertise and early traction. “These experienced founders are solving a massive pain point for SMEs, leveraging strong partnerships and a robust tech product to address a significant market need.”
This funding positions Billboxx to expand its reach and empower African SMEs to overcome cash flow constraints and thrive.
