Angel Onuoha and Ahmad Shehu, the co-founders of Zuvy, will be stepping down from their roles as the company transitions to new ownership. They expressed confidence in the BAS Group’s vision and capabilities to take Zuvy to the next level.
For Zuvy’s customers and partners, the acquisition brings new opportunities and potential for growth. With the backing of a larger financial services group, Zuvy can expand its offerings and reach more small businesses in need of financial solutions.
The fintech industry in Nigeria is rapidly evolving, with startups like Zuvy playing a key role in providing innovative financial services to underserved markets. The acquisition by BAS Group signals a vote of confidence in the potential of Zuvy and the fintech sector as a whole.
As Zuvy enters this new chapter under new leadership, the focus remains on supporting small businesses and driving financial inclusion in Nigeria. The collaboration between Zuvy and BAS Group is poised to create synergies that benefit both companies and their customers.
Stay tuned for more updates as Zuvy and the BAS Group work together to leverage their strengths and resources for the betterment of the Nigerian fintech ecosystem.
That’s all for now,
Victoria
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Zuvy, a Nigerian fintech startup that made a significant impact by financing over ₦1 billion worth of invoices for small businesses, has caught the attention of BAS Group. The startup’s original co-founders, Angel Onuoha and Ahmed Shehu, have decided to step back from day-to-day operations to focus on a new healthtech venture called Avelis Health in the US, which has already secured a spot in Y Combinator.
Founded in 2023, Zuvy has been a game-changer in the FMCG, healthcare, and supply chain sectors, serving over 1,500 small businesses with a low non-performing loan rate. This success is what led to BAS Group’s interest in acquiring the startup. The CEO of BAS Group, Abdulateef Hussein, sees this deal as more than just expanding their portfolio; it’s part of a larger mission to build a technology-enabled financial ecosystem for Africa. With competition from players like Vendorcredit, the acquisition gives BAS an edge in serving underbanked businesses.
While Onuoha and Shehu are moving on to disrupt the healthcare industry in the US, they will still hold minority stakes in Zuvy. The startup’s existing investors are also staying on board, showing their continued confidence in the company’s future under BAS’ leadership.
In other news, MasterCard is recruiting a Head of Impact Labs, Jumia is hiring a Chief Marketing Officer, and Sun King is looking for a Workforce Planning Analyst in Nigeria. For startup founders looking to network with experts and investors, Equity Merchants CommunityConnect offers valuable insights and resources to help grow your business. Techpoint Africa is also seeking feedback to improve their content and offerings, so don’t hesitate to share your thoughts.
Stay tuned for more updates and opportunities in the tech space, and have a great Thursday!
Victoria Fakiya for Techpoint Africa.
