The event, now in its second year, was attended by over 300 investors, lenders, mentors and ecosystem stakeholders to engage with founders building and expanding businesses across different sectors.

Pitch Day is the final stage of Cascador’s annual Catalytic Fund programme, through which the organisation provides financing and support to founders who have completed its ScaleUp programme.

Funding is offered through a mix of debt and equity investments, with recipients selected based on business performance, growth potential and expected social impact.

The largest funding allocation went to Agriarche, led by Deina Mayaki, which secured a ₦2.5 billion debt facility. Koolboks, founded by Deborah Gael, received ₦2 billion, while Powerstove, led by Okey Esse, secured ₦1.8 billion.

Other debt recipients included First Electric, which received ₦500 million, and Fortics, which secured ₦200 million. Two companies received equity investments, with Stears obtaining $450,000 and Indigenius AI receiving $250,000.

Speaking after receiving the funding, Mayaki said the support would help boost Agriarche’s expansion plans.

“Cascador’s ScaleUp program built upon my team’s ability to translate learning into action by helping us refine our message and market position, adjust our funding strategy, and adapt without defensiveness. 

“The Catalytic Fund due diligence team assessed Agriarche’s financial strength, resourcefulness, and track record of success, and they rewarded our high-potential for scale and impact today by awarding a new N2.5 billion credit facility to power our growth.”

Cascador founder Dave DeLucia said the programme has now distributed over $9 million to entrepreneurs since Pitch Day was introduced two years ago.

“In just two years, Pitch Day has awarded more than $9 million to growth-stage African founders, helping to build a new generation of entrepreneurs equipped to scale transformative businesses.

“We’re now looking for the next cohort of exceptional founders to join our 2026 ScaleUp program and hope to see them on stage at the next Pitch Day.”

Beyond the investment awards, organisers also recognised outstanding participants. Indigenius AI received the NSIA Prize for Innovation, which came with a $10,000 award, while Koolboks won the judges’ Best Pitch prize and received an additional $10,000.

The event also featured a panel discussion on financing options for growth-stage businesses in Nigeria. Participants included Idris Bello of LoftyInc Capital, Danladi Verheijen of Verod Capital, Darlington Nwankwo of Sterling Bank, Ada Osakwe of Agrolay Ventures and Nuli, and Ijeoma Taylaur of NSIA.

The session examined how businesses can access equity financing, working capital, concessionary debt and other forms of long-term support.

Daniel Ayoade of Verod Capital Management, who served as one of the judges, alongside Iyin Aboyeji of Future Africa and Nneka Eze of Vested World, said his involvement with the programme had shown the importance of preparing founders before funding is provided.

“Two years judging Pitch Day, plus a season as faculty for the Cascador ScaleUp program, taught me something the term sheets never capture: capital readiness, not capital, is what turns funding into scale. 

“The founders on stage today walk away with customer pipelines, team training, mentorship, and bespoke support, the connective tissue that lets them multiply what they raise. This is not an accelerator. It is ecosystem architecture, and these founders are its proof.”

Two previous beneficiaries of the Catalytic Fund also shared updates on their businesses.

Babatunde Akin-Moses, founder of Sycamore, said the support received from Cascador helped strengthen the company ahead of a recent fundraising exercise.

“Truly catalytic capital should create companies that eventually no longer need it: That is what it did for Sycamore. Our recent commercial paper raise was oversubscribed by 230%.”

Drive45 founder Seyi Adefemi said access to both funding and strategic support helped the company move beyond a critical growth stage.

“There are founders across Africa solving real problems and building resilient businesses. What they often lack is the financial and non-financial support to cross the gap between potential and scale. Cascador helped Drive45 cross that gap.”

Since launching in 2019, Cascador says it has supported 70 companies that have collectively raised more than $125 million.

Applications for the next ScaleUp programme are open until June 15 for founders across sub-Saharan Africa seeking funding, mentorship and business support.

The post Cascador Awards Over $5 Million to Seven African Entrepreneurs at 2026 Pitch Day appeared first on Tech | Business | Economy.

The new investment was led by Lux Capital and brings the Nigerian defence technology company’s total funding to $34 million since it launched in 2024.

The extension round also drew participation from 8VC, Nova Global, and Resiliience17 Capital, a firm founded by Flutterwave chief executive Olugbenga Agboola.

Terra Industries was founded by Nathan Nwachuku, 22, and Maxwell Maduka, 24. The company designs infrastructure and autonomous systems that help governments monitor and respond to security threats. 

Based in Nigeria, the startup has begun expanding into other African countries, though it has not yet named them.

Terrorism is a major threat across parts of Africa. Many countries still depend on intelligence and defence systems supplied by Russia, China or Western nations. 

In January, Nwachuku said he wanted to build “Africa’s first defence prime, to build autonomous defence systems and other systems to protect our critical infrastructure and resources from armed attacks.”

At that time, Terra had secured its first federal contract. The company now serves both government and commercial clients. Nwachuku said Terra has generated more than $2.5 million in commercial revenue and is protecting assets valued at about $11 billion.

He said the latest funding came together in under two weeks because of “strong momentum.” Investors, he added, saw “faster-than-expected traction” in new deals and partnerships, which pushed them to increase their commitments quickly.

Part of that growth includes a contract with AIC Steel. The agreement allows Terra to set up a joint manufacturing facility in Saudi Arabia to build surveillance infrastructure and security systems. “It’s our first major manufacturing expansion outside Africa,” Nwachuku said.

The company is now focusing on countries in sub-Saharan Africa and the Sahel, where infrastructure security remains a pressing issue. “The priority is working with countries where terrorism and infrastructure security are major national concerns,” he said.

He also pointed to the scale of the problem. “We’re focused on targeting major economies where the need for infrastructure security is urgent and where our solutions can make a meaningful impact. That’s how we think about expansion.”

Defence technology is capital-intensive. In the United States, companies such as Anduril Industries have raised more than $2.5 billion, while Shield AI has secured around $1 billion in equity funding. 

Drone maker Skydio has raised about $740 million, and naval autonomous vessel company Saronic has secured roughly $830 million.

Terra Industries funding is smaller by comparison. Even so, its rapid fundraising and early contracts imply that investors are getting more interested in defence innovation on the continent. 

The post Nigeria’s Terra Industries Raises $22m From Lux Capital, Total Funding Hits $34m appeared first on Tech | Business | Economy.

Disclosed by Africa: The Big Deal, the amount raised was well below the $276 million recorded in January 2025 and also under the average monthly total of $263 million seen over the past 12 months. 

Still, it was higher than January figures from earlier years, including 2023 and 2024, when funding volumes were far lower.

What stood out in January was not just the money, but the number of deals. 

Only 26 startups across the continent announced funding of $100,000 or more. That figure is unusually low and the weakest monthly count since at least 2020. 

A small group of companies accounted for much of the funding announced during the month. In Egypt, fintech firm valU secured $64 million in debt from the National Bank. 

Nigeria-based mobility financing company MAX raised $24 million through a mix of equity and asset-backed debt.

Several other firms closed double-digit rounds. NowPay, another Egyptian fintech, raised $20 million in equity. Moroccan proptech start-up Yakeey announced a $15 million Series A round. 

Terra Industries raised $12 million, while Côte d’Ivoire fintech company Cauridor announced a round of more than $10 million.

There were also transactions that did not count towards the funding total. Flutterwave acquired Nigerian startup Mono in an all-stock deal valued at about $30 million. 

Tech talent company Savannah was acquired by Commit, and Izili Group took over off-grid solar firm Qotto.

January is usually a slow month for startup funding, both African and international, especially after a busy December, and similar dips were recorded at the start of 2023, 2024 and 2025, not just 2026. 

Even so, the thin deal flow this time has shown how tough investors have become.

Fintech continued to attract the largest share of capital, but deals in property technology, mobility and defence showed that interest was spread across sectors. 

Egypt and Nigeria led activity, while Morocco and Côte d’Ivoire featured through fewer but sizeable transactions.

The post African Startup Funding Slips to $174m in January 2026 as Deal Count Hits Multi-Year Low appeared first on Tech | Business | Economy.

Four countries absorbed 84% of all funding, with South Africa and Kenya alone accounting for more than half. Egypt followed. Nigeria slipped to 8%, its lowest share since 2019, after years as the top destination for large funding rounds.

However, Nigeria still closed more deals than any other country.

That contrast runs through Briter’s findings as deal volume stayed high, but cheque sizes grew larger and fewer. African startups are still forming and raising capital, but in 2025, funding became harder to access.

Fintech and climate-focused businesses received most of the funding by value, driven by large, capital-heavy deals. Agriculture, health, education and AI startups accounted for most transactions, keeping innovation spread wide even as funding clustered at the top.

How companies raised money also changed. Debt financing crossed $1 billion for the first time, overtaking equity as scaled startups leaned on loans, structured facilities and other non-dilutive instruments to grow. 

Revenue strength, assets and predictability are now more important than rapid expansion.

Exit activity hit a record. Sixty-three acquisitions were announced in 2025, the highest ever recorded. More than half involved startups being bought by corporates, not other startups or private equity firms. Few disclosed prices, but the volume alone shows a market where buying has become easier than building.

Foreign investors still dominate African venture funding, led by the United States and Europe. Briter, however, notes a gradual widening of the pool, with more inflows from Asia and the Gulf, alongside a stronger base of Africa-focused investors providing steadier capital.

The bigger picture is restraint, not retreat. Dario Giuliani, founder and managing director at Briter, said Africa’s investment landscape continues to move through cycles of expansion and preservation, with the current phase firmly in the latter. 

“Capital is more selective, risk appetite more measured, and growth expectations more realistic,” he noted. “Yet beneath this restraint, company formation remains active across the continent, even as a handful of ecosystems continue to dominate and true geographic diversification remains limited.”

In short, funding has returned but access has not. Africa’s tech sector is still moving forward, just with fewer passengers in first class.

The post African Startups Raise $3.8bn in 2025, Funding Up 32%, Nigeria Drops 8% appeared first on Tech | Business | Economy.

But in 2025, the tables have turned. The ‘Giant of Africa’ now looks like the continent’s middle child, still the great startup hub, but subtly losing attention.

Across Africa, startups have raised about $2.2 billion in funding so far this year, through September. It’s not a bad figure, in fact, it shows a comeback after 2024’s sluggish performance. 

But Nigeria’s share of that pot is behind. Once the darling of venture capital, the country now follows Kenya, South Africa, and Egypt behind in investor flow and deal flow. We could say this decline reveals cracks in policy, perception, and predictability.

The Numbers

Let’s look at the facts. In the third quarter of 2025, African startups collectively pulled in hundreds of millions, a steady rebound from the funding winter of 2023-2024.

September alone saw between $140 million and $160 million in disclosed deals, a strong 430% recovery from August’s slump. South Africa topped with roughly $64 million, followed by Nigeria’s $44 million, Kenya’s $22 million, and Egypt’s $15 million.

Yes, Nigeria ranked second that month, but context matters. A single month’s uptick doesn’t reverse a year-long slide. The $44 million figure looks good until you recall that just two years ago, Nigeria regularly attracted over 40% of Africa’s total venture capital. Today, that has thinned, the rebound is real, but the lead is gone.

It’s not that Nigeria didn’t have highlights. Lagos-based Kredete closed a $22 million Series A round, one of the continent’s biggest in the month. But a handful of bright spots cannot disguise the bigger difference. Nigeria’s once-dominant startup sector is now fighting for air.

Why the Slide? The Risk Equation

There’s no single villain here. It’s a mix of currency challenges, policy inconsistency, and investor fatigue.

1. Currency Risk and FX Instability
Let’s start with the obvious, the naira. Investors hate surprises, and Nigeria’s currency offers plenty. A venture capitalist can invest $5 million today and see its real value drop by a quarter within months. For startups, it’s a nightmare: revenues in naira, debts in dollars, and no way to plan beyond next quarter.

Currency instability doesn’t just kill profit margins; it kills patience.

2. Regulatory Whiplash
One month, a fintech is celebrated for innovation; the next, it’s hit with a compliance directive or policy change that halts operations. The Central Bank’s unpredictable stance on digital assets, tax laws, and banking limits has left founders second-guessing the next move. For investors, unpredictability is more frightening than failure, you can’t plan for confusion.

3. Investor Confidence Erosion
Venture capital is about risk, but it’s also about trust. And Nigeria’s perception problem runs deep. The inflation rate, the liquidity problem of 2024, and the fear of policy reversals have pushed many funds to look elsewhere.

Kenya’s climate-tech growth looks more predictable. Egypt’s structured reforms provide clearer returns. South Africa’s venture-debt model gives investors better exit options. In comparison, Nigeria? Quite unstable.

4. Cost and Infrastructure Burden

Even the best Nigerian startups fight a heavier battle. Cost of power bites into margins, logistics are inconsistent, and security concerns increase overheads. The same $5 million that can comfortably sustain a startup in Nairobi or Cairo barely covers the basics in Lagos. Investors see this, and they price it in, or calmly move their money elsewhere.

5. Lack of Exit Opportunities

And then there’s the silence after success. Since Paystack’s 2020 acquisition, Nigeria has produced few visible exits. No IPOs, no major mergers, no new liquidity events. For investors, that’s a red flag. Without an exit, even the best-performing portfolio company becomes a waiting game. Venture capital doesn’t thrive on patience, it thrives on movement.

Meanwhile, Elsewhere in Africa…

Kenya, Egypt, and South Africa have been rebalancing the equation.

Kenya has turned climate-tech into a national asset. Its policy environment rewards clean-energy startups and provides tax incentives that attract green investors. 

Egypt, after years of reforms, now has one of the most transparent startup ecosystems on the continent. Its currency stabilisation plan and government support for digital infrastructure are winning back foreign confidence.

South Africa, on the other hand, plays a more sophisticated game. Its venture-debt market gives startups more flexibility and gives investors partial liquidity, a balance Nigeria still hasn’t mastered. 

Together, these hubs have built something Nigeria once had, predictability.

Reclaiming the Edge: What Nigeria Must Do Next

The thing is that Nigeria still has the best talent pool in Africa. Its entrepreneurs are fearless, resourceful, and globally aware. Innovation isn’t the problem; the system is.

To get back in the game of venture capital investment, Nigeria needs credibility, the kind that comes from action, not announcements.

1. Ensure FX Stability:
   A predictable currency policy restores trust faster than any PR campaign.
2. Create a Transparent Regulatory Environment:
   Investors can live with tough regulations, they can’t live with arbitrary ones. Nigeria must fix its fintech and crypto regulatory frameworks if it wants long-term funding.
3. Mobilise Local Capital:
   Pension funds, sovereign wealth vehicles, and high-net-worth individuals must be encouraged to fund innovation. Relying solely on foreign dollars is a risk in itself, unsustainable.
4. Build Exit Pipeline:
   Encourage IPOs, mergers, and acquisitions. When investors see others cash out, they come back, fast.
5. Fix the Basics:
   Energy, internet reliability, and logistics are not “startup issues”, they’re national competitiveness issues. Solving them will reduce risk and attract fresh capital.
6. Promote Investor Dialogue:
   Nigeria’s public and private sectors need to start speaking the same language. Investors hate surprises more than they hate losses.

The venture capital hasn’t left Africa; it’s just gotten pickier, and Nigeria has to earn trust again. The ideas, the founders, the products, they’re all here. What’s missing is a sense that the system itself won’t betray them.

If Nigeria can steady its currency, clean up its regulations, and show genuine respect for investor logic, its startup sector will recover faster than many expect.

Investors go where stability lives. If Nigeria can steady its policy, stabilise its currency, and show a consistent commitment to reform, its startup sector would reignite, with more venture capital investments.

The post Why Nigeria is Losing its Venture Capital Crown to Kenya, Egypt, and South Africa appeared first on Tech | Business | Economy.

The newly elected representatives, Iyinoluwa Aboyeji (South West), Charles Uchenna Emembolu (South East), Abba Ibrahim Gamawa (North East), and Victoria Ojoagefu Manya (North Central), will bring the perspectives of founders, innovators, and digital entrepreneurs directly into policy discussions that shape the country’s startup sector.

The election, coordinated by the Office for Nigerian Digital Innovation (ONDI) under the National Information Technology Development Agency (NITDA), followed a transparent nomination and voting process involving members of the Startup Consultative Forum from all six geopolitical zones. 

The Forum was inaugurated earlier in 2025 to ensure that the startup ecosystem had a voice in government-led innovation policymaking.

The NCDIE, created under the Nigeria Startup Act, serves as the main governance body responsible for driving the country’s innovation and entrepreneurship agenda. It brings together representatives from the private sector, government, academia, and investors to oversee and coordinate the Act’s implementation. 

For the first time, elected startup founders are joining the NCDIE Council, revealing a goal to boost inclusive governance and stronger collaboration between policymakers and the innovation community.

This development is seen as an important milestone in bridging the gap between Nigeria’s startup sector and government institutions. With direct representation, founders can now contribute meaningfully to conversations around policy design, funding structures, and innovation support frameworks. 

It also reflects the government’s commitment to engage the private sector in shaping Nigeria’s digital future.

According to NITDA, the inclusion of startup representatives “underscores the commitment of ONDI and NITDA to strengthening collaboration among government, innovators, and industry stakeholders.” The agency reaffirmed its resolve to “build a thriving digital economy, nurture startups, and foster the type of collaboration that ensures innovation becomes a cornerstone of national development.”

The new Council is expected to effectively integrate startup perspectives into national strategies and ensure the collaboration influences long-term growth in the tech sector. 

The election has already been commended by experts as a positive indication that Nigeria’s innovation policy is beginning to reflect the voices of those driving real change from the ground up.

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As local and international guests descended on the nation’s commercial and innovation capital for a potentially future-defining two days, anticipation was high for the conversations shaping Africa’s digital trajectory.

From Babajide Sanwo-Olu, Governor of Lagos State, the message on Wednesday was emphatic: Lagos is ‘a launchpad for Africa’s tomorrow’ – ready to propel Nigeria’s quest for a data-driven government and digitally empowered population. 

Held under the patronage of Bola Ahmed Tinubu GCFR, President of the Federal Republic of Nigeria, GITEX NIGERIA takes place across Abuja and Lagos from 1-4 September.

Supported by the Federal Ministry of Communications, Innovation and Digital Economy with the National Information Technology Development Agency (NITDA), the event is endorsed by Lagos State Government and organised by KAOUN International, global producer of GITEX events.

Elaborating on Lagos’s digital economy leadership credentials and quest to harness technological capabilities for the betterment of regional society, H.E. Babajide Sanwo-Olu stated: “Lagos is not just a city for today – it is Africa’s innovation nerve centre and a launchpad for Africa’s tomorrow. At the heart of our efforts to unlock digital transformation possibilities is an unshakeable belief that governance in the 21st century must be digital, inclusive, and data-driven.

“As Peter Drucker once said, ‘The best way to predict the future is to create it’. Here in Lagos, we are creating that future, building a data-driven government where policy decisions respond to real-time insights and inclusive connectivity empowers every citizen in one of the world’s most vibrant tech ecosystems.”

Over two action-packed days, Nigeria’s commercial capital and innovation hub hosts dual showcases across the city: the GITEX NIGERIA Tech Expo & Future Economy Conference at the Eko Hotel Convention Centre, and the GITEX NIGERIA Startup Festival at the Landmark Centre.

Together, these platforms spotlight the immense digital potential of Lagos and the nation – enabling non-tech sectors to accelerate digitalisation roadmaps through enterprise-grade solutions while highlighting a burgeoning startup ecosystem, strong investor confidence, and valuable public-private partnership opportunities. 

Addressing GITEX NIGERIA attendees, Hon. Minister Bosun Tijani, Nigeria’s Minister of Communications, Innovation and Digital Economy, emphasised the essential nature of sustained digital economy development, insisting: “The digital economy is not just about mobile apps or platforms; it is about technical efficiency and delivering productivity gains that transform entire sectors. This is why His Excellency President Bola Tinubu GCFR has placed the digital economy at the heart of the Renewed Hope agenda.

“His vision is very clear – that technology must not only grow GDP but also expand opportunities, reduce inequality, and create shared prosperity for all Nigerians. Under the President’s leadership, Nigeria has embraced the digital economy as a key driver of inclusive growth. We are not building just for elites; we are building for every Nigerian.”

Between 2019 and 2024, Lagos attracted over US$6 billion in foreign tech investment, cementing its position as the epicentre of Africa’s digital growth. The state today hosts hyperscale data centres and extensive fibre connectivity, accounting for more than 70% of Nigeria’s total tech inflows. Already Nigeria’s undisputed innovation hub, Lagos is also home to 23 of the country’s 28 fastest-growing companies, according to the Financial Times. 

Reflecting on the significance of GITEX NIGERIA making its way to Lagos, Kashifu Abdullahi, Director-General/CEO of NITDA, said: “The energy is palpable, and the potential is boundless. Nigeria and Lagos in particular are a crucible of innovation, where raw talent meets the unshakeable will to succeed, a factory of unicorns.

“Lagos is the place where people use talent and come up with solutions without infrastructure. In other places, they use capital infrastructure to fuel innovation, while here, we use our resilience. Because we have no options, and we need to create the solutions. We are ready for it. As a nation, our vision is clear.”

GITEX NIGERIA is West Africa’s largest gathering of technology visionaries, industry leaders, and decision-makers overseeing digital transformation of non-tech sectors. The event also presents Nigeria’s largest and most globally diverse investor programme, facilitating concierge meetings between startups, investors, corporates, industry leaders, and prospective partners.

Discussing the unique value proposition that Lagos presents businesses, Trixie LohMirmand, EVP of Dubai World Trade Centre and CEO of KAOUN International, organisers of GITEX NIGERIA, said: “Lagos is a mega high-speed technology testbed that is dense, diverse, and demanding, where SMEs, startups, and entrepreneurs succeed not by conventional rules but by distinctiveness and necessity-driven innovation.

“Rising above power outages, currency fluctuations, and maturing infrastructure, they scale faster and endure longer. Survive and thrive in Lagos, and your products and solutions can compete and flourish anywhere around the world.”

The event runs with support from partners AWS, Cisco, the International Finance Corporation (IFC), Kaspersky, Federal Ministry of Art, Culture, Tourism and the Creative Economy; Federal Ministry of Youth Development, and Space42. 

For more information, news and updates on GITEX NIGERIA, please visit the website.

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According to the latest report by Africa: The Big Deal, 83% of the total was raised by two companies, d.light and Sun King. 

d.light, an energy solutions company providing affordable and sustainable solar power to communities across Kenya, Uganda, and Tanzania, expanded its receivables financing by $300 million.

Sun King, one of Africa’s leading off-grid solar energy providers, secured a $156 million debt facility.

In July, 61 startups announced at least $100,000 in funding, a significant jump compared to the first half of the year, when the number typically hovered around 40 or fewer.

Of the 61 startups, spread across 15 countries, 41 were located in the “Big Four” markets: Nigeria, Egypt, South Africa, and Kenya. However, $493 million, representing 89% of the total funding raised, came from debt deals.

In terms of equity, $58 million was announced, marking the lowest equity funding within a month this year. Rwazi’s $12 million Series A was the largest equity deal in July. 

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The cash deal, which gives BAS Group over 50% ownership, will enable the company to strengthen its presence in the country’s fragmented small and medium enterprise (SME) lending market.

All of Zuvy’s institutional investors have exited. Co-founders Angel Onuoha and Ahmad Shehu retain minority stakes but are no longer involved in daily operations. BAS Group now assumes full operational control of Zuvy, integrating it into its broader financial services architecture.

The acquisition is a structural change and BAS Group is targeting Nigeria’s massive credit gap, estimated at $236 billion, that continues to limit small business growth.

Startup Zuvy Raises $4.5 Million to Revolutionize SME Invoice Financing in Africa

Through the incorporation of Zuvy’s invoice-discounting model, BAS can now offer SME credit without traditional collateral, leveraging verified invoices as a basis for lending.

“Think of the Zuvy platform as another add-on under our finance arm,” said Abdulateef Hussein, CEO and founder of BAS Group. “It’s going to be very seamless for us because it’s just a new product added to our lending offerings.”

This model isn’t entirely new, but Zuvy had managed to build a credible vendor pipeline, offering short-term (60 to 90-day) loans against invoices verified by large corporate buyers. 

With partners like Dangote, Rite Foods, and Eat n’ Go, Zuvy’s network gave BAS Group an efficient route to expand its SME loan book while reducing lending risk. Hussein noted that, “Most SMEs in Nigeria don’t have real estate or collateral, and even when they do, the approval process is long.”

Zuvy’s strategy wasn’t always sustainable. Initially a direct lender, the startup struggled with scalability as it depended heavily on external fundraising. That model changed when the team pivoted to loan origination, enabling partnerships with financiers while sacrificing some control over loan disbursement. 

This resulted in Zuvy scaling its portfolio tenfold. But growth alone wasn’t enough to keep the founders at the helm.

“Zuvy was profitable at the time of acquisition,” Onuoha confirmed, even as he and Shehu stepped away to focus on their new venture, Avelis Health, which was accepted into Y Combinator’s Summer 2025 cohort. 

“When you’re doing direct lending, you have full control over the exact types of loans you want to disburse, but it relies on constant fundraising to actually scale your loan book,” he added.

Their exit was premeditated. The two officially disengaged from Zuvy in March. Their new startup, Avelis Health, tackles complex medical billing in the United States, an idea born from personal experience. “I’ve had a chronic knee injury for the past decade,” Onuoha said. 

“In the US, medical billing is an extremely complex system. Oftentimes, when you go to the hospital, you’re massively overcharged, and your bills are full of errors. I wanted to find a way to help patients push back against those bills and give them the tools to actually pay fair prices for the care they receive.”

Meanwhile, BAS is moving ahead. In 2025, the group launched BAS Finance Company with a set of products including payroll loans, vehicle-backed loans, and collateral-based SME lending. 

But many businesses fell through the cracks. The Zuvy acquisition fills that gap, offering alternative credit lines for vendors who can’t meet traditional loan requirements but have solid invoice histories with blue-chip firms.

BAS currently manages a ₦1.5 billion loan book and plans to integrate Zuvy’s tech-driven platform to scale distribution. According to the group, no layoffs are expected, and Zuvy’s product and development teams will continue under BAS management. The integration will be led by Kayode Adnan, BAS Group’s COO.

This aligns with BAS Group’s longer-term strategy of building a seamless ecosystem of financial services. Already holding stakes in a microfinance bank and a licensed microinsurance company (ALLYCare and ALLY Microinsurance), the group is layering these services to deliver bundled offerings; banking, health cover, invoice financing, under one roof.

“We are excited about this acquisition,” Hussein said. “A lot of the infrastructure is ready. It is just for us to scale it with our capital and institutional relationships in the market. A lot of the repayments we will be receiving will now be channelled through the Zuvy platform.”

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