Koverly debuts B2B BNPL platform, announces seed funding
Koverly introduces the new feature "Pay in 30," allowing companies to postpone forex payments for a period of 30 days without any charges for both the purchaser and the vendor.
Koverly, an international financial technology company, is set to provide loans worth $70 million within the next year. Furthermore, the company has recently introduced a business-to-business platform that allows users to make purchases now and pay later. Notably, this platform includes a unique benefit of a 30-day period for foreign exchange payments with no additional costs. This product launch aligns with the announcement that Koverly has successfully secured initial funding.
As stated by Koverly, they are the sole worldwide provider of B2B payment solutions that presents a purchase now, pay afterwards (BNPL) option. This particular solution grants a zero-cost 30-day expansion on foreign exchange (FX) payments for both the purchaser and seller. Additionally, KoverlyPay offers businesses the choice to stretch out their payments even further through fixed weekly installments, giving them the freedom to extend payments over periods of four, eight, or 12 weeks.
Established in the year 2021, Koverly has garnered a remarkable $7.6 million in initial funding from Accomplice VC, Vinyl Capital, and One Way Ventures. This financial support has empowered the company to develop a pioneering payment solution that integrates foreign currency and B2B cashflow management specifically tailored for international trade between businesses, such as the import sector.
Koverly presently handles a total amount of $200m worth of payments each year, accounting for both local and global transactions. The platform expanded its payment options to include international capabilities in July 2022, which now make up 50% of Koverly's overall volume.
'Truly Transformative: Revolutionizing Global Trade'
"Inventories are crucial for businesses that engage in importation, and their availability is directly influenced by the flow of funds," expressed Igor Ostrovsky, the Chief Executive Officer of Koverly. "Our KoverlyPay service, which caters to foreign exchange transactions, aims to provide companies with the necessary additional working capital to enable at least one extra inventory turnover annually. For a typical importing company, this can significantly enhance annual profitability by 50-100%. This innovation has the potential to revolutionize international trade."
Koverly offers speedy personalized evaluation for American companies, ensuring up to $500,000, all within a day. This assessment procedure has no impact on the credit rating of the applicant. Upon receiving approval, KoverlyPay conveniently incorporates deferred payment choices into the customer's Koverly checkout experience.
When a company opts for KoverlyPay during the payment process, Koverly guarantees that the money will be sent to the receiver within 1-3 working days after payment, while also offering the business clear and unchanging repayment alternatives.
Koverly's Key Features Summarized
The image showcases Michail Medvinsky and Igor Ostrovsky, who are the founders of Koverly.
