Koverly, a globally-focused fintech that integrates business-to-business buy now, pay later (BNPL) solutions into a digital payment platform, this week announced the addition of Ben Haddon as its vice president of credit and revenue. Haddon is expected to scale the company’s lending capacity to $70 million by the end of 2024. He will be assisted by KoverlyPay, the company’s newest financing feature. It provides a 30-day extension on FX payments at no cost to the buyer or seller.
Haddon brings more than two decades of expertise in the financial services sector. He most recently served as the vice president and general manager of LendingClub’s purchase finance division that provided point-of-sale BNPL solutions to thousands of businesses. Prior to LendingClub, Haddon held executive roles at Capital One and Springstone Financial. Springstone Financial was acquired by LendingClub in 2014.
“Koverly’s powerful combination of innovative technology and lending capabilities offers unique value within the global trade market,” Haddon said. “I am impressed by what the team has accomplished thus far and I am excited by the opportunities that lie ahead. I look forward to helping lead Koverly’s next stage of growth.”
“Twenty years ago, Ben Haddon and I began our careers together managing point-of-sale financing at Capital One,” said CEO Igor Ostrovsky. “I’m thrilled to work alongside Ben again and collaborate on the next steps in Koverly’s growth. I’m confident that his wealth of experience will spearhead the evolution of KoverlyPay and fortify our commitment to transforming B2B payments.”
Since the beginning of 2023, monthly loan originations via KoverlyPay have grown six times, the company said in a release. They process $200 million annualized volume for both domestic and international payments, 50% of which are foreign currency transactions. Koverly also recently announced $7.6 million in seed funding.
The venture-backed B2B global payments platform has a stated mission to empower businesses with cash flow to improve profitability. It seeks to minimize transaction and foreign exchange fees, extend payment timelines, and ensure swift and secure fund transfers through an integrated online platform, enabling companies to gain greater control over their financial operations.
