BAS Group, a Nigerian diversified financial services group, has acquired a majority stake in Zuvy, a local fintech startup specializing in invoice financing for small businesses. With this acquisition, BAS now owns over 50% of Zuvy, although neither company has disclosed the specific financial details of the deal.

Based on Zuvy’s previously reported $4.5 million in total funding—only $580,000 of which was equity—the acquisition is estimated to be valued between $1.5 million and $3 million, depending on the startup’s current valuation and revenue performance.

As part of the acquisition, BAS Group’s Chief Operating Officer, Adnan Kayode, will now take the lead at Zuvy. Despite the leadership change, Zuvy will continue to operate independently, and no layoffs are expected.

Co-founded in 2023 by Angel Onuoha (formerly of Google) and Ahmed Shehu, Zuvy has focused on enabling invoice financing for businesses in sectors such as FMCG, healthcare, and supply chain logistics. To date, the company claims to have financed over ₦1 billion worth of invoices for more than 1,500 small businesses across Nigeria.

This acquisition aligns with BAS Group’s broader strategy to offer both collateralised and uncollateralised SME lending solutions. Earlier this year, BAS launched its own lending arm, but with this acquisition, the group is now better positioned to reach more businesses through flexible, invoice-based financing.

“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 , Founder and CEO of BAS Group.

Hussein noted that BAS had been tracking Zuvy’s progress over the years and was particularly impressed by the startup’s low non-performing loan (NPL) ratio—a critical indicator of loan quality and risk management. He also referenced the success of similar players like Vendorcredit as further motivation behind the deal.

Meanwhile, Zuvy’s co-founders, Onuoha and Shehu, have stepped away from their operational roles to focus on a new healthtech venture, Avelis Health. The U.S.-based startup helps consumers identify inflated medical bills and automate appeals—a growing problem in the American healthcare system.

The BAS-Zuvy deal is another signal of increased consolidation and innovation in Nigeria’s fintech space, especially in SME financing—a sector often underserved by banks.