Billboxx, an integrated billing-to-payment platform designed to ensure timely payments for businesses across Africa, disclosed on Monday that it had successfully closed a $1.6m pre-seed funding round.
The investment saw participation from notable investors, including Norrsken Accelerator, Kaleo Ventures, Founders Factory Africa—now rebranded as 54 Collective—P2Vest, and Afrinovation Ventures.
The company stated that the new funding would help address the critical cash flow challenges experienced by small and medium-sized enterprises in Africa. Billboxx explained that many SMEs suffer delayed payments due to manual invoicing and deferred payment systems, hampering business growth.
The platform’s integrated billing-to-payment system, according to Billboxx, aims to streamline billing, reduce inefficiencies caused by manual invoicing, and lessen the negative impact of deferred payments.
The company added that its solution provides automated billing and invoicing, secure payment facilitation, and cash flow financing tailored to SMEs, helping them achieve consistent cash flow and focus on growth.
Billboxx further revealed that since its founding in early 2023, the platform had facilitated over $4 million in invoice payments through its Minimum Viable Product, launched in May 2023.
The platform also features strategic integrations with a leading Nigerian commercial bank, a prominent African payment gateway, and multiple lending partners, allowing seamless payments via bank transfers, cards, and financing options.
The company highlighted that the successful funding round reflects the increasing demand for financial technology solutions to resolve cash flow issues faced by African SMEs.
The Chief Executive Officer of Billboxx, Bongani Sithole, remarked, “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 businesses’ consistent cash flow and financial resilience. This funding round enables us to expand our impact and empower more SMEs to thrive.”
The co-founder of Billboxx, Abdulazeez Ogunjobi, emphasised the transformative impact of the Billboxx platform.
“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.”
The General Partner at Norrsken Accelerator, Alex Bakir, 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. We’re proud to support Justus, AZ, and the team, and see huge potential in the financial solutions Billboxx is developing.”
The Chief Executive Officer at 54 Collective stated, “We’re enthusiastic about the innovative work the Billboxx team is building.
“These 3x founders with successful exits under their belts are leveraging their leadership and business experience to tackle a massive pain point for SMEs across Africa.
“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 corporations and startups, as well as the solid tech product the team has developed. We’re delighted to back Justus and Abdulazeez as they continue to scale Billboxx.”