Finverity, the mid-market supply chain finance platform focused on emerging markets, has raised $2m in a pre-Series A equity funding round.
Investors in the round included MENA-based B&Y Venture Partners and Canadian-based Loyal VC, an emerging market family office and a number of strategic angel investors.
Finverity was founded with the vision to “make the global financial system work for all, one product at a time.” The company is striving to bridge the $1.7bn global trade finance gap, which reflects the shortfall between the amount of trade finance currently being provided and global trade financing needs.
The company said it is addressing the gap by channelling capital and addressing the supply chain finance (SCF) needs of mid-market companies in emerging markets, which make up the bulk of the gap, according to Finverity.
Viacheslav (Slava) Oganezov, CEO and co-founder of Finverity, said, “The healthy functioning of supply chain finance is pivotal in aiding recovery post-pandemic by keeping the wheels of the global economy turning.
“By efficiently providing working capital to buyers and suppliers around the world, SCF platforms such as Finverity’s are reshaping the way companies and funders interact within trade finance. We are thrilled to share this vision with our new and existing shareholders and look forward to growing together.”
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