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US-based Koverly raises $7.6M to help companies save on foreign exchange fees and more

Koverly funding
Picture credits: Koverly

US-based Koverly is a global B2B payments solution that provides payment flexibility alongside reduced foreign exchange rates. Now, the company has introduced 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. 

In addition to this, Koverly has raised $7.6 million in seed funding from Accomplice VC (known for investing in ZOE and Ness), Vinyl Capital, and One Way Ventures. The investment will be used to build the first payment platform that combines foreign currency and B2B cashflow management designed for international business trade, such as importing. 

“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’s option to extend payments over time has been extremely helpful for managing cash flow,” says 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.”

The KoverlyPay service

Koverly was founded in 2021 by Igor Ostrovsky with 20+ years of expertise in analytics, product design, product launch, and business development. Koverly provides U.S. businesses with fast customized underwriting of up to $500K, 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 1-3 business days after checkout and provides the business with transparent, fixed repayment options. Through the new KoverlyPay service, businesses also have the flexibility to further extend payments over four, eight or 12 fixed weekly installments. 

With Koverly, global businesses save money and improve their cash flow by up to 50% reduced foreign exchange rates, up to $40 savings per transaction on no-wire transfer fees, and more. 

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