Viacheslav Oganezov and Alex Fenechiu (L/R)/Finverity.
Finverity raises $5m equity funding as revenues surge
Finverity offers both a funding platform that brings together companies needing working capital and investors looking to deploy lending capital, as well as a B2B software offering for banks.
Finverity, a trade supply chain finance fintech, has raised $5m.
The funding round comes on the back of 15x revenue growth in 2022 across the Middle East and Africa and the recent expansion to Eastern Europe as demand for financing soared amid rising interest rates and weaker supplier chains.
Last year Finverity originated over $500m of volume for corporates. It currently operates a number of partnerships with numerous banks’ trade finance desks including Investec, National Bank of Fujairah and FIMBank
The new cash will be used to expand headcount by 50 per cent from 40 to 60 employees.
Finverity was founded in 2017 by Viacheslav Oganezov and Alex Fenechiu.
The company offers both a funding platform that brings together companies needing working capital and investors looking to deploy lending capital, as well as a B2B software offering for banks.
Much like ‘buy now, pay later’ platforms' consumer offerings, supply chain finance bridges the period for companies that goods and services are ordered or shipped and the time they are actually paid.
Investors in the round include fintech specialist venture capital outfit Outward as well as Amsterdam-based Acrobator Ventures and US-based s16vc founders fund. There were also a number of follow-on investments from Finverity’s early backers including B&Y Venture Partners.
“When we started this fundraise the market was just starting to go through a rough spot, so there was a lot of talk about negative sentiment. However, what we found is that there is a significant amount of venture capital out there. Funds have been raised and need to be deployed, investors are just more selective,” said Viacheslav Oganezov, CEO and co-founder of Finverity.
“Our industry is counter-cyclical and we designed our business to grow in a sustainable way, with positive unit economics and a clear path to profitability in mind. The current macro trend has played to our strengths,” he added.