On track to lend $70 million in the next 12 months, global fintech startup Koverly introduces a B2B buy now, pay later platform with a 30-day, no cost period for foreign exchange payments; company also announces seed funding
WALTHAM, MA / ACCESSWIRE / August 22, 2023 / Koverly, a global B2B payments solution providing payment flexibility alongside reduced foreign exchange rates, introduces the only buy now, pay later (BNPL) solution to give 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.
Founded in 2021, Koverly has raised $7.6 million in seed funding from Accomplice VC, Vinyl Capital, and One Way Ventures to build the first payment platform that combines foreign currency and B2B cashflow management designed for international business trade, such as importing. Koverly is currently on target to originate $70 million in new loans over the next year.
Koverly currently processes $200 million annualized volume for both domestic and international payments. Global payment capabilities were introduced to the platform in July 2022 and today account for 50% of Koverly's volume.
"Inventory is the lifeblood for importing businesses, and it is directly impacted by cash flow," said Igor Ostrovsky, CEO of Koverly. "Our KoverlyPay offering for FX transactions is designed to give businesses enough extra working capital to unlock at least one additional inventory turn per year. For a typical importing business, this can boost annual profitability by 50-100%. This is a game changer for global trade."
Koverly provides U.S. businesses with fast 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 seamlessly integrated into the user's Koverly checkout flow.
When a business chooses KoverlyPay at checkout, Koverly ensures the funds are transferred to the recipient within one to three business days after checkout and provides the business with transparent, fixed repayment options.
Some ways global businesses save money and improve their cash flow using Koverly are:
- Reduced foreign exchange rates - up to 50% less
- No wire transfer fees - up to $40 savings per transaction
- Defer FX payments by 30 days at no cost
- Further extend bill payments for up to 12 weeks
"Koverly's option to extend payments over time has been extremely helpful for managing cash flow," said Roger Scommegna, owner of Flying Blue Imports LLC. "We do a lot of work with holiday gift packages that are sold in large volume to retail outlets, like Costco. As a result, we have to pay for an enormous amount of product 10 months before sales begin. Spreading payments over several months gives us more buying power during this time and frees up capital for other business initiatives, like sales and marketing."
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About Koverly
Koverly is a venture-backed B2B global payments platform with a mission to empower businesses with cash flow to improve profitability, and tools to save time managing payments and receivables. Koverly enables companies to save on transaction and foreign exchange fees, get more time to pay, and receive funds faster and safer through a single online interface. For more information, visit www.koverly.com.
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SOURCE: Koverly