The funding, a combination of debt and equity, came from investors including Norrsken Accelerator, Kaleo Ventures, 54 Collective, P2Vest, and Afrinovation Ventures.

Founded in 2023 by Justus Obaoye and Abdulazeez Ogunjobi, Billboxx addresses cash flow challenges faced by SMEs, particularly delays in payment cycles from larger business partners.

Through its invoice financing service, the company enables SMEs to access advance payments on invoices before their clients settle their accounts.

Billboxx charges up to 5% for invoice financing and a 1.5% transaction fee for payments processed through its platform.

“We discovered that many businesses face inefficiencies in billing and cash flow management, with some still relying on manual processes or Excel sheets,” explained Obaoye.

In addition to invoice financing, Billboxx provides a suite of business banking services designed to help SMEs streamline their financial operations.

The company’s unique distribution model involves partnering with larger enterprises to bring SMEs onto its platform, serving notable clients such as Monument Distillers and the International Institute of Tropical Agriculture (IITA).

Obaoye highlighted the company’s focus on SMEs as its key differentiator, contrasting it with competitors who prioritize mid-market and enterprise clients.

Billboxx now plans to scale its operations, enhance its product offerings, and expand its reach across Africa.

The company is also set to launch a new feature aimed at helping SMEs access market opportunities within corporate ecosystems

“Our vision is to become the financial operating system for SMEs across Africa,” Obaoye stated.

This fund aims to accelerate the decarbonization of Africa’s energy grid and drive impactful change in renewable energy development across the continent.

The initiative is backed by key investors, including the Green Climate Fund (GCF), Norfund, FMO, BIO, Ceniarth, and the UK-funded Renewable Energy Performance Platform (REPP).

REPP 2 is a blended finance vehicle to attract public and private investments in Sub-Saharan Africa’s distributed and small-scale renewable energy market.

This innovative approach supports decarbonization while addressing the $22 billion annual funding gap needed to achieve Sustainable Development Goal 7 (SDG7) — providing universal access to reliable electricity.

“This is Africa’s moment to redefine its energy future,” said Ben Hugues, REPP 2 Director at Camco.

“Investing in the businesses shaping a decentralized, renewable, and reliable African energy grid is paramount. The involvement of world-class investors underscores the importance of blended finance in scaling innovation and delivering both financial and climate impacts.”

Over its lifetime, REPP 2 is projected to add 330 MW of renewable energy capacity and mitigate over 12.7 million tons of carbon dioxide equivalent emissions. It aims to deliver clean energy access to more than 7.7 million people while enhancing the resilience of approximately one million beneficiaries.

The fund is further supported by a technical assistance facility, funded by the Norwegian Agency for Development Cooperation (Norad), to overcome financial and non-financial barriers impeding project development.

This support is expected to stimulate market growth and expedite investments in Africa’s renewable energy sector.

REPP 2 is a critical milestone in Africa’s energy transition, setting the stage for sustainable economic growth and impactful climate solutions across the continent.