London-based fintech for trade and supply chain finance Finverity raises $5 million in an oversubscribed round of equity funding to immediately increase its headcount from the current 40 to 60 employees.
Finverity was founded in 2017 by Viacheslav Oganezov and Alex Fenechiu to improve the accessibility of the global financial system. Since, it has a built a digital ecosystem for trade and supply chain finance, claiming a 15x revenue growth in 2022 across the Middle East and Africa and the recent expansion to Eastern Europe.
"Whilst technology has powered exponential growth of the multi-trillion dollar SCF and trade finance industry in developed economies over the last decade, some of the world’s most important emerging economies have been somewhat left behind. Prohibitively high set-up costs, immediate and complex integration requirements and insufficient AML/KYC capabilities of existing platforms all act as contributors to manual and paper-based processes remaining the market norm. Finverity team’s deep understanding of these acute pain points has enabled the creation of a solution that is truly fit for purpose," says Andi Kazeroonian, Investment Manager at Outward VC.
"Fast deployment, easily configurable and customisable workflows, clean and intuitive UI, and market-focused origination capabilities are already having a profound impact on their target markets, enabling the launch and growth of SCF for organisations where it was not previously possible. We firmly believe that this dynamic, combined with the growth outlook and increasing digitalisation of emerging economies, all point toward an enormous opportunity for Finverity to emerge as the global leader in this space. As such, we at Outward are proud to be partnering with Slava, Alex and the rest of the team to support this exciting next phase of growth and beyond," he says.
As well as the hiring spree, Finverity will complete office openings in Dubai, Poland and Kenya.
“The pace at which our industry is evolving is truly impressive. Five years ago, Supply Chain Finance (SCF) 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 of SCF. 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 4 weeks instead of 12 months. We have also helped banks and NBFIs increase utilisation from existing clients and reduce losses due to fraud and default. Our time is now and with our new partners, I’m confident that Finverity will be a leading driver of SCF & working capital innovation across emerging markets,” says Alex Fenechiu, COO & co-founder of Finverity.