Zuvy, a dynamic Nigerian invoice financing company, has bagged a substantial $4.5m in a debt and equity funding round.
The firm, known for its innovative approach to managing invoice software and providing discounting services, has drawn global investors keen on supporting its mission.
The funding, which attracted a host of international investors, was led by TLG Capital, with other contributors including Dunbar Capital, Next Chymia Consulting HK, Advent International’s Chairman David Mussafer, and Khalil Osman from Vicus Ventures, according to a report from Business Day.
Zuvy’s core objective is to streamline the vendor-buyer relationship within the sphere of small and medium-sized enterprises (SMEs). Recognised for its pioneering solutions, Zuvy has risen as a provider of liquidity to burgeoning businesses, not just in Nigeria but further afield.
The company intends to use the fresh funding to continue its mission of supporting the digital shift of SMEs. By offering effective financial solutions and software tools, Zuvy aims to resolve challenges relating to administrative burdens and cash flow management often encountered by Nigerian entrepreneurs.
Since its launch in late 2021, Zuvy has expanded its service offering beyond being an invoice financing platform. Today, it provides free software tools that facilitate procurement and vendor management for larger enterprises. Initially serving the fast-moving consumer goods sector, Zuvy has witnessed impressive growth, expanding its presence into the healthcare and supply chain industries.
Zuvy has also introduced an integration with WhatsApp, enabling vendors to send invoices to buyers seamlessly. This innovative feature eradicates the time-consuming processes associated with paper invoicing, offering larger buyers considerable time and resource savings, while vendors enjoy discounts on invoice payments.
Zuvy CEO Angel Onuoha said, “Given the digital shift we foresee in SMEs over the next few years, Zuvy intends to become the go-to liquidity provider for these evolving businesses.”
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