Finverity Boosts Supply Chain Finance Tech with $5 Million
To further develop its supply chain finance technologies, Finverity has raised $5 million. The London-based company will use the fresh capital to expand its workforce from 40 to 60 people to keep up with customer demand for its services and finish setting up shops in Dubai, Poland, and Kenya. According to a press release by Finverity on Thursday (March 30), the company will expand its capabilities to include trade financing and working capital products. “The pace with which the finance sector is developing is truly impressive,” said Alex Fenechiu, COO and co-founder of Finverity. Five years ago, there was very little coverage of supply chain financing (SCF).
It wasn’t even considered a “real” financial instrument in many nations. It is now recognized as a crucial factor in driving future economic expansion. According to a December 2022 PYMNTS article, fintech is pioneering innovative uses of data and technology to increase access to financing for businesses and individuals, hence fostering economic growth and stability. There is an immediate need for trade finance. However, digital supply chain finance options, invoicing automation, and online marketplaces connecting buyers and sellers are all on the rise.
As per the press release, Finverity provides both SaaS solutions for non-banking financial institutions and banks and a funding platform that connects businesses in need of working capital with funders eager to deploy cash. Finverity has increased its revenue by 15 times throughout Africa and the Middle East in the past year and has moved into Eastern Europe. Prohibitively high set-up costs, complex integration requirements, and inadequate capabilities provided by current platforms are factors in manual and paper-based processes. The “Finverity team’s extensive knowledge of these pain points allowed the creation of an approach suitable for the purpose.
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