Billboxx, the African billing-to-payment platform, has closed a $1.6 million pre-seed funding round with participation from Norrsken Accelerator, Kaleo Ventures, Founders Factory Africa—FFA (now 54 Collective), P2Vest, and Afrinovation Ventures.
According to the firm, the funding will enable Billboxx to tackle the critical cash flow challenges faced by Small and Medium-sized Enterprises (SMEs) on the continent where manual invoicing and deferred payments often result in delayed payments, stifling many of these businesses.
Billboxx’s integrated billing-to-payment platform streamlines billing processes, reducing inefficiencies from manual invoicing and mitigating the impact of deferred payments.
By providing automated billing and invoicing, secure payment facilitation, and tailored cash flow financing, it empowers businesses to achieve consistent cash flow and focus on growth.
“Cash flow difficulties are the leading cause of business failures in Africa, with delayed invoice payments being a major contributor,” said Justus Obaoye, co-founder and chief executive officer of Billboxx. “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.”
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Billboxx, founded in 2023, has facilitated over $4 million in invoice 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.
Alex Bakir, General Partner at Norrsken Accelerator, stated, “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.”
Bongani Sithole, CEO of 54 Collective, added, “We invested in the Company due to the large market size of the opportunity, impressive early traction gained from strong early partnerships with notable large corporates and startups, as well as the solid tech product the team has developed.”