In a strategic move to deepen its footprint in Nigeria’s fast-evolving fintech space, BAS Group, a diversified Nigerian financial services company, has acquired a majority stake in Zuvy, a Lagos-based startup specialising in invoice financing for small and medium enterprises (SMEs).
The acquisition, finalised this month, gives BAS Group control of over 50% of Zuvy. While both companies declined to disclose the exact financial terms of the deal, industry estimates suggest the transaction may have been valued between $1.5 million and $3 million, based on Zuvy’s previously disclosed funding figures and current market indicators.
Leadership Transition and Operational Continuity
As part of the acquisition, Adnan Kayode, Chief Operating Officer at BAS Group, will assume leadership of Zuvy. Despite the change in ownership and management, both firms have indicated that Zuvy will continue to operate as an independent entity, with no layoffs planned.
The transition marks a shift in strategic direction but aims to preserve the startup’s agility and market presence, particularly in sectors like FMCG, healthcare, and supply chain, where it has built a reputation for bridging cash flow gaps through invoice-based lending.
Zuvy’s Founders Step Back to Focus on U.S. Healthtech Venture
Zuvy was co-founded in 2023 by Angel Onuoha, a former Google product manager, and Ahmed Shehu. In just two years, the company claims to have financed over ₦1 billion worth of invoices for more than 1,500 small businesses—a performance that has caught the attention of both investors and competitors.
Following the acquisition, Onuoha and Shehu have stepped away from operational roles to focus on their next venture, Avelis Health, a U.S.-based healthtech startup aimed at helping Americans navigate and appeal inflated medical bills. Avelis has already been accepted into the prestigious Y Combinator accelerator, signaling early traction and investor interest.
Despite their exit from daily operations, both co-founders will retain minority stakes in Zuvy. The company also confirmed that no prior investors have exited as part of the acquisition, suggesting confidence in the new ownership structure and long-term vision.
Strategic Fit for BAS Group’s Lending Expansion
For BAS Group, the Zuvy acquisition serves as more than a portfolio addition—it represents a strategic shift. Earlier this year, the group launched a lending product offering collateralised loans to Nigerian SMEs. The integration of Zuvy now enables it to enter the uncollateralised lending space, significantly expanding its risk profile and market coverage.
“This acquisition of Zuvy goes beyond simply expanding our investment portfolio,” said Abdulateef Hussein, Founder and CEO of BAS Group. “It represents a strategic alignment with our core mission of developing a comprehensive, technology-enabled financial ecosystem for Africa.”
According to Hussein, BAS Group had been tracking Zuvy for several years and was particularly impressed by the startup’s low non-performing loan (NPL) ratio, a key metric in an industry where default rates can erode profitability. He also noted that Zuvy’s trajectory stood out among competitors such as Vendorcredit, solidifying the case for acquisition.
Looking Ahead: Building Financial Infrastructure for Africa
With this acquisition, BAS Group is positioning itself as a central player in Africa’s emerging fintech landscape. The group has been actively investing in digital platforms and lending infrastructure to support underserved businesses across the continent.
Zuvy, under its new leadership, is expected to expand its offerings, deepen its presence in Nigeria, and potentially explore new verticals or regional markets. The move aligns with a broader push by financial services firms to create sustainable, tech-enabled solutions that address long-standing financing gaps for SMEs.
For the outgoing founders, the deal provides continuity for Zuvy while allowing them to pivot toward solving systemic issues in healthcare financing abroad.
“We take great pride in Zuvy’s accomplishments and the positive impact we’ve created for thousands of Nigerian enterprises,” said Onuoha. “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.”