Koverly, a Waltham, MA-based provider of a B2B payments solution, raised $7.6M in Seed funding.
Backers included Accomplice VC, Vinyl Capital, and One Way Ventures.
The company intends to use the funds to accelerate the growth of its platform.
Founded in 2021 and led by CEO Igor Ostrovsky, Koverly is a B2B payments platform with a mission to empower businesses with cash flow to improve profitability, providing tools to save time managing payments and receivables. It enables companies to save on transaction and foreign exchange fees, get more time to pay, and receive funds through a single online interface.
The company provides U.S. businesses with customized underwriting of up to $500,000, determined within 24 hours. The underwriting process does not affect the applicant’s credit score and, once approved, KoverlyPay payment deferral options are integrated into the user’s checkout flow.
Koverly has also introduced a buy now, pay later (BNPL) solution giving a 30-day extension on FX payments at no cost to the buyer or seller. Through the new KoverlyPay service, businesses also have the flexibility to further extend payments over four, eight or 12 fixed weekly installments.
The company currently processes $200 million annualized volume for both domestic and international payments. It is currently on target to originate $70 million in new loans over the next year.
FinSMEs
22/08/2023