Koverly, a global B2B payments solution providing payment flexibility alongside reduced foreign exchange rates, has introduced KoverlyPay, a novel buy now, pay later (BNPL) service.
Since its inception in 2021, Koverly has successfully amassed a seed funding of $7.6m, with major investors including Accomplice VC, Vinyl Capital, and One Way Ventures.
The KoverlyPay service is designed to offer businesses a unique 30-day extension on foreign exchange (FX) payments without incurring any costs to either the buyer or seller. This distinctive BNPL solution also allows companies the option to further spread their payments across four, eight, or 12 fixed weekly instalments.
The new funds are projected to fuel Koverly’s ambitious plan to generate $70m in new loans over the coming year. This strategy comes on the heels of their recent success, where they managed an impressive $200m annualised volume for both local and international payments.
Koverly introduced global payment capabilities to their platform in July 2022, and as of now, these global transactions account for half of the firm’s volume. With the unique selling proposition of the KoverlyPay service, U.S. businesses can benefit from rapid, customised underwriting of up to $500,000.
This amount is decided within a mere 24 hours. Furthermore, the KoverlyPay payment deferral options are smoothly incorporated into the user’s Koverly checkout procedure. When businesses opt for KoverlyPay at checkout, Koverly guarantees the transfer of funds to the recipient within one to three business days post-checkout, and offers the business clear, fixed repayment options.
Koverly CEO Igor Ostrovsky commented, “Inventory is the lifeblood for importing businesses, and it is directly impacted by cash flow. Our KoverlyPay offering for FX transactions is designed to give businesses enough extra working capital to unlock at least one additional inventory turn per year. For a typical importing business, this can boost annual profitability by 50-100%. This is a game changer for global trade.”
Roger Scommegna, owner of Flying Blue Imports LLC, added, “Koverly’s option to extend payments over time has been extremely helpful for managing cash flow. We do a lot of work with holiday gift packages that are sold in large volume to retail outlets, like Costco. As a result, we have to pay for an enormous amount of product 10 months before sales begin. Spreading payments over several months gives us more buying power during this time and frees up capital for other business initiatives, like sales and marketing.”
Prior to this round, Koverly secured seed funding from Accomplice VC, Vinyl Capital, and One Way Ventures, raising a commendable $7.6m.
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
