Zuvy Founders Exit After Quiet Fintech Takeover

Nigerian financial powerhouse BAS Group has officially acquired a majority stake in Zuvy, a local fintech startup specialising in invoice financing. While neither party disclosed the transaction amount, estimates suggest the deal could range between $1.5 million and $3 million, based on Zuvy’s previous $4.5 million raise and reported equity structure.

The acquisition sees BAS Group controlling over half of the startup and is part of a broader push to expand its digital finance portfolio. Importantly, no staff cuts are expected. Zuvy will continue operating under its current brand but with a new leader at the helm—Adnan Kayode, BAS Group’s Chief Operating Officer.

Zuvy, founded in 2023 by Angel Onuoha and Ahmed Shehu, has carved a niche by helping Nigerian SMEs access fast, invoice-backed financing across sectors like healthcare, FMCG, and supply chains. Since launch, the platform claims to have funded over ₦1 billion in invoices for more than 1,500 small businesses.

New Direction for Zuvy as Founders Pivot

The startup’s founders, both of whom bring Silicon Valley credentials, have stepped away from day-to-day operations. They are now focusing on their new venture, Avelis Health, a US-based healthtech startup aiming to automate medical bill appeals for Americans. Avelis has already been accepted into Y Combinator, positioning it for a promising launch.

Still, Onuoha and Shehu are not walking away entirely. Both retain minority stakes in Zuvy, while the company’s existing investors have opted to stay onboard as well. “We take great pride in Zuvy’s accomplishments and the positive impact we’ve created for thousands of Nigerian enterprises,” Onuoha said in a statement, calling the BAS partnership “the perfect fit” for Zuvy’s next phase.

Why BAS Group Is Betting Big on Fintech

BAS Group has been closely monitoring Zuvy’s progress for years, drawn in by its low default rates and strong market performance. The deal is also part of BAS Group’s strategy to shift from collateralised lending, which it entered earlier this year, into uncollateralised financing.

According to CEO Abdulateef Hussein, the deal is about more than growth. “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,” he said.