Finverity, a digital ecosystem for trade and supply chain finance based in London, raised $5 million from both new and existing investors in a highly subscribed equity investment round.
Viacheslav Oganezov, CEO and co-founder of Finverity, said, “We’re happy to have such a strong group of investors join us on our path to democratize global trade finance and provide access to cash where it’s most needed.” This round validates the execution and scalability of our technology and team, according to the author.
Finverity provides a full range of services and technology to enable trade and supply chain finance deals to be executed seamlessly and at scale. It does this by bringing together corporates looking for working capital and funders looking to deploy capital into high-quality mid-market assets on a single platform.
For banks and non-banking financial institutions (NBFIs), Finverity also offers an end-to-end technology system that totally transforms their trade finance and working capital processes, client experience, and risk management capabilities.
By funding transactions that Finverity generated and by digitalizing trade finance activities with the support of Finverity’s technology, Finverity started relationships with multiple banks’ trade finance desks in 2022, including Investec, National Bank of Fujairah, and FIMBank.
To address the fast-rising demand for Finverity’s solutions, the funds raised in this round will be utilized to quickly boost the company’s staff from 40 to 60 personnel and open offices in Dubai, Poland, and Kenya.
Read more on Tech Gist Africa:
London/South Africa-based Centbee obtains $1 million