In a strategic move to deepen its footprint in the fintech space, Nigeria’s diversified financial services firm BAS Group has acquired a majority stake in Zuvy, a fast-growing local startup specializing in invoice financing for small and medium-sized enterprises (SMEs). While the exact financial terms of the deal remain undisclosed, BAS Group now holds over 50% ownership in Zuvy.
The acquisition is estimated to be valued between $1.5 million and $3 million, based on Zuvy’s previously reported $4.5 million in total funding — of which only $580,000 was equity — and depending on valuation growth and revenue multiples. As part of the acquisition, Adnan Kayode, Chief Operating Officer of BAS Group, will assume leadership of Zuvy. The startup will continue to operate independently, and no layoffs are expected as a result of the transition.
Founded in 2023 by former Google product manager Angel Onuoha and entrepreneur Ahmed Shehu, Zuvy provides invoice financing solutions to businesses in sectors such as FMCG, healthcare, and supply chain logistics. In just two years, the company has financed over ₦1 billion worth of invoices for more than 1,500 small businesses, helping to bridge liquidity gaps and improve cash flow for underserved enterprises.
The acquisition aligns with BAS Group’s broader strategy to build a comprehensive financial ecosystem for African businesses. Earlier this year, the group launched a collateralized lending service for SMEs. With Zuvy now under its umbrella, BAS can expand into uncollateralized lending, offering a more flexible suite of credit solutions to a wider range of businesses.
“This acquisition of Zuvy goes beyond simply expanding our investment portfolio — it represents a strategic alignment with our core mission of developing a comprehensive, technology-enabled financial ecosystem for Africa,” said Abdulateef Hussein, Founder and CEO of BAS Group. He noted that BAS had been monitoring Zuvy’s progress for several years and was particularly impressed by its low non-performing loan ratio and operational efficiency, key factors that influenced the acquisition decision.
Zuvy’s co-founders, Onuoha and Shehu, have stepped away from day-to-day operations to focus on their new venture, Avelis Health, a U.S.-based healthtech startup that helps Americans identify and appeal inflated medical bills. Avelis has already been accepted into Y Combinator, one of the world’s most prestigious startup accelerators. Despite stepping back, both founders will retain minority stakes in Zuvy, and none of the company’s existing investors have exited as part of the deal.
“We take great pride in Zuvy’s accomplishments and the positive impact we’ve created for thousands of Nigerian enterprises,” said Onuoha in a statement. “BAS Group represents the perfect partner to advance Zuvy’s growth trajectory while we focus our efforts on addressing critical healthcare challenges in the American market.” With this acquisition, BAS Group is positioning itself as a key player in Africa’s evolving fintech landscape, leveraging technology to unlock capital access for SMEs and drive inclusive economic growth.
