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London Tech Week

Zuvy comes out of stealth with $4.5M funding to amplify invoice financing across Nigeria

Image credit; Zuvy

Zuvy, a Lagos-based startup that has been operating in stealth since 2021, has emerged with a much-needed solution to address the significant financial underservice faced by small and medium enterprises (SMEs) in Africa. Led by founder and CEO Angel Onuoha-Onyekuru, Zuvy aims to provide accessible and affordable capital to African SMEs through its user-centric platform. With the recent funding of $4.5 million, led by TLG Capital, Zuvy is poised to come out of stealth and revolutionise invoice financing across Nigeria.

Meeting the financial needs of African SMEs

African SMEs play a vital role in driving GDP and employment across the continent. However, these businesses face immense challenges in accessing credit, with 85% of SMEs having zero access to credit facilities, leading to over $300 billion in financial exclusion. Zuvy aims to bridge this gap by offering a user-centric platform that connects buyers with their vendors, streamlining the invoice reconciliation process and coordinating payment schedules.

Addressing immediate capital needs for vendors

Zuvy’s platform enables vendors to liquidate outstanding invoices and access immediate capital when needed. This innovative solution provides SMEs with the liquidity necessary for growth and expansion. Buyers also benefit from the platform by earning discounts on their invoice payments to vendors, resulting in substantial cost savings.

Successful funding round led by TLG Capital

Zuvy recently raised $4.5 million in equity and debt financing, led by TLG Capital. This funding round attracted a diverse range of investors, including Next Chymia Consulting HK, Dunbar Capital, Vicus Ventures, and prominent angels like David Mussafer, Chairman & Managing Director of Advent International. The capital infusion will be used to meet the increasing demand from vendors on the Zuvy platform and expand their loan book.

Angel Onuoha-Onyekuru’s vision for African SMEs

Angel Onuoha-Onyekuru, is CEO and co-founder of Zuvy. He has a background in finance, accounting, and entrepreneurship.

Angel spoke passionately about the company’s mission and recent funding round, stating, “Our mission is to facilitate access to liquidity for African small and medium-sized enterprises (SMEs), a sector that forms the backbone of our continent’s GDP and employment. Despite their economic significance, these enterprises remain strikingly underserved financially. We firmly believe that credit availability is the most potent growth catalyst for early-stage businesses, and as such, we strive to be a pre-eminent provider of accessible, tailored credit solutions for Africa’s SME sector.”

Innovative software solutions for efficient invoicing

In addition to invoice financing, Zuvy offers free invoice management software that empowers businesses to create, manage, and send invoices to customers instantly. This software streamlines the invoicing process, enhancing efficiency and accuracy for SMEs. Furthermore, Zuvy provides a WhatsApp Assistant, enabling users to generate, manage, and send invoices through the popular messaging app, offering convenience and accessibility to vendors and buyers alike.

Empowering African SMEs with accessible financing

As Zuvy prepares to come out of stealth with an official press release on July 3rd, 2023, the company stands ready to make a substantial impact on the financial inclusion of African SMEs. With its user-centric platform, innovative software solutions, and significant funding, Zuvy is poised to amplify invoice financing across Nigeria and provide SMEs with the necessary capital to thrive and contribute to the continent’s economic growth.

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