Finverity, the digital ecosystem for trade and supply chain finance, announces it has raised $5 million in an equity funding round from new and current investors.
New investors reportedly “include London-based Fintech specialist Outward, Amsterdam-based Acrobator Ventures and US-based s16vc founders fund with follow-on investments from MENA-based B&Y Venture Partners as well as a range of UHNWIs.”
The investment round comes “on the back of 15x revenue growth in 2022 across the Middle East and Africa and the recent expansion to Eastern Europe.”
Founded in 2017 by Viacheslav Oganezov and Alex Fenechiu, Finverity was “born out of a vision to make the global financial system work for all, one product at a time.”
Fast forward 5+ years and Finverity claims that it has “built the world’s first truly digital ecosystem for trade and supply chain finance in pursuit of achieving its mission of bridging the $1.7trn global trade finance gap by channeling capital to where it’s most needed.”
Finverity further reveals that it has a dual offering:
- Funding Platform – brings together corporates seeking working capital and funders looking to deploy capital into quality mid-market assets on a single platform. The platform 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 – provides an end-to-end technology system for banks and non-banking financial institutions (NBFIs) to completely revolutionise their trade finance and working capital operations, client experience and risk capabilities.
The funding raised in this round will be “used to immediately increase the headcount from the current 40 to 60 employees, to meet rapidly increasing demand for Finverity’s solutions and complete office openings in Dubai, Poland, and Kenya.”
Furthermore, Finverity’s technology is “expanding to cover almost the entire range of funded trade finance and working capital products.”
Viacheslav (Slava) Oganezov, CEO & co-founder of Finverity, commented:
“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. 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 and allowed us to select amazing partners for the journey ahead! We are very grateful to all of our new investors and are excited to build out the next stage of Finverity’s growth in partnership with them!”