Nigerian invoice financing startup Zuvy raised $4.5 M funding in Debt & Equity round
Zuvy, a software and invoice financing startup in Nigeria, has raised US $4.5 million in debt and equity funding to expand across the nation.
Zuvy is an invoice discounting business that has recently come out of stealth mode and offers software for vendors and their customers to settle invoices and manage payment schedules.
Vendors who work in the healthcare, supply chain, and fast-moving consumer goods industries are able to ask Zuvy for a cash advance on their unpaid invoices. These receivables, which are frequently due in 30 to 60 days, make it challenging for the vendor to land new business and grow their operation.
Buyers can simplify their vendor management and procurement processes with Zuvy’s free invoice management software. Buyers use the Zuvy dashboard to access electronic invoices from their vendors rather than wasting hours dealing with manual pen-and-paper processing. The most exciting part is that these customers can then receive rebates on the invoice amounts they pay to vendors, resulting in significant cost savings.
TLG Capital, Next Chymia Consulting HK, Dunbar Capital, Vicus Ventures, and well-known angel investors like David Mussafer, chairman of international private equity firm Advent International, all contributed to the startup’s US $4.5 million funding round.
“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.” said Angel Onuoha, CEO and co-founder of Zuvy.
