Finverity, a digital ecosystem for trade and supply chain finance, has secured $5m in a heavily oversubscribed equity funding round.
The investment was backed by first time Finverity investors Outward, Acrobator Ventures and s16vc founders fund. Returning investors included B&Y Venture Partners and a group of unnamed UHNWIs.
With the capital, Finverity plans to increase the size of its team from 40 to 60 employees. It is also looking to open offices in Dubai, Poland and Kenya.
Finally, the company is working to expand its technology to cover almost the entire range of funded trade finance and working capital products.
Finverity has experienced a boom of growth over the past year, culminating in its revenue growing by 15-times across the Middle East, Africa and Eastern Europe.
Founded in 2017 by Viacheslav Oganezov and Alex Fenechiu, Finverity is on a mission to make the global financial system inclusive to everyone. Since then, the FinTech company claims to have built the world’s first truly digital ecosystem for trade and supply chain finance.
The company connects companies in need of working capital optimisation and institutional investors looking to access the alternative asset class through the selling of invoices.
Finverity COO and co-founder Alex Fenechiu said, “The pace at which our industry is evolving is truly impressive. Five years ago, Supply Chain Finance (SCF) barely ever made the headlines. It wasn’t even a “real” financial product in many countries. Today, it’s deemed a key requirement to fuel economic growth for the years to come. This means we have moved into the mass adoption phase of SCF.
“What is needed today is very different from what has been used for the last 20 years. We have created a wizard which allows financial institutions to launch new products in the working capital space in 4 weeks instead of 12 months. We have also helped banks and NBFIs increase utilisation from existing clients and reduce losses due to fraud and default. Our time is now and with our new partners, I’m confident that Finverity will be a leading driver of SCF & working capital innovation across emerging markets”.
Another supply chain financing company to recently raise capital was Mintifi. The India-based company offers on-demand credit lines, which can be used to buy inventory. Its other offerings are business loans, which can be repaid over 6 to 24 months.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
