Finverity, a London, UK-based provider of a digital ecosystem for trade and supply chain finance, raised $5M in Equity funding.
New investors included Outward, Acrobator Ventures, and s16vc founders fund, and B&Y Venture Partners.
The company intends to use the funds:
- to increase the headcount from the current 40 to 60 employees, to meet the demand for its solutions,
- to complete office openings in Dubai, Poland and Kenya, and
- to cover almost the entire range of funded trade finance and working capital products.
Founded in 2017 by Viacheslav Oganezov and Alex Fenechiu, Finverity offers banks and NBFIs a dual offering:
- a funding platform that brings together corporates seeking working capital and funders looking to deploy capital into quality mid-market assets on a single platform. The system provides a whole suite of services and technology to enable trade and supply chain finance deals to be executed seamlessly and at scale,
- Software as a Service solution that provides an end-to-end technology system for banks and non-banking financial institutions (NBFIs) to advance their trade finance and working capital operations, client experience and risk capabilities.
The company claims the enterprise-level system can be deployed in under 21 days.
In 2022, Finverity launched partnerships with numerous banks’ trade finance desks including Investec, National Bank of Fujairah and FIMBank, focused on helping them scale their asset deployment by funding Finverity-originated transactions and digitalising trade finance operations using its technology. As a result, partner banks can shorten their credit approval times, reduce their operational costs and fund larger deal volumes without having to build out a huge internal team.
The company currently serves customers in 11 countries across the Middle East, Africa and Eastern Europe.
FinSMEs
30/03/2023