• Thursday, April 25, 2024
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Zuvy raises $4.5m to scale SMEs financing

Zuvy raises $4.5m to scale SMEs financing

Zuvy, a Nigerian invoice financing company has secured $4.5 million in debt and equity funding from a range of global investors. With a focus on providing invoice management software and discounting services,

According to the company, it seeks to simplify the relationship between vendors and buyers, especially among small and medium-sized enterprises (SMEs). With its innovative solutions, Zuvy has attracted substantial investor attention and established itself as a provider of liquidity for growing businesses in Nigeria and beyond.

Despite the increasing digital population in Africa, many Nigerian entrepreneurs still face challenges operating offline, including administrative burdens and managing cash flow. Zuvy understands these difficulties and aims to alleviate them by providing efficient financial solutions and software tools that help unlock liquidity for SMEs.

Read also: Mobile Virtual Operators target 27m Nigerians without access to telecom

Angel Onuoha, Zuvy CEO, said “Given the digital shift we foresee in SMEs over the next few years, Zuvy intends to become the go-to liquidity provider for these evolving businesses.”

Since its inception in late 2021 as an invoice financing platform, Zuvy has quickly diversified its services to include free software tools aiding procurement and vendor management for large businesses. Initially focusing on the fast-moving consumer goods sector, Zuvy has experienced remarkable growth and expanded into the healthcare and supply chain industries.

The company stands out for its integration with WhatsApp, allowing vendors to effortlessly send invoices to buyers. This eliminates the need for time-consuming manual processes involved in paper invoices. The integration has revolutionised the process, enabling large buyers to save time and resources, while vendors benefit from discounts on invoice payments.

The recent funding round, led by TLG Capital, attracted a diverse group of international investors, including Dunbar Capital, Next Chymia Consulting HK, Advent International’s Chairman David Mussafer, and Khalil Osman from Vicus Ventures

By bridging the gap between technology and finance, Zuvy is playing a pivotal role in driving digital transformation and efficiency in the Nigerian business ecosystem.