Finverity, a digital ecosystem for trade and supply chain finance, has raised £4 million in a heavily oversubscribed equity funding round from new and current investors.
New investors 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 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.
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. Its funding platform seeks to bring 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.
Its Software as a Service solution, meanwhile, provides an end-to-end technology system for banks and non-banking financial institutions 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 to complete office openings in Dubai, Poland and Kenya.
“The pace at which our industry is evolving is truly impressive,” said Alex Fenechiu, COO & co-founder. “Five years ago, supply chain finance barely ever made the headlines. It wasn’t even a ‘real’ financial product in many countries.
“Today, it’s deemed a key requirement to fuel economic growth for the years to come. This means we have moved into the mass adoption phase.
“What is needed today is very different from what has been used for the last 20 years. We have created a wizard which allows financial institutions to launch new products in the working capital space in four weeks instead of 12 months.”