UK fintech Finverity raises $5 million to ‘immediately increase headcount’ #

London-based fintech Finverity has raised $5 million in a recent round of equity funding, with the intention of using the funds to immediately increase its headcount from 40 to 60 employees. The trade and supply chain finance firm experienced a successful 2022 and has recently expanded into Eastern Europe. The oversubscribed round of funding included investors such as Outward VC, Acrobator Ventures, s16vc, B&Y Venture Partners, and private individuals.

Finverity was established in 2017 by Viacheslav Oganezov and Alex Fenechiu to improve accessibility to the global financial system, and has since developed a digital ecosystem for trade and supply chain finance. The firm claims to have experienced a 15x revenue growth across the Middle East and Africa in 2022, with the recent expansion into Eastern Europe.

Investment Manager at Outward VC, Andi Kazeroonian, said, “Finverity team’s deep understanding of these acute pain points has enabled the creation of a solution that is truly fit for purpose… We firmly believe that this dynamic, combined with the growth outlook and increasing digitalisation of emerging economies, all point toward an enormous opportunity for Finverity to emerge as the global leader in this space.”

Along with the hiring spree, Finverity also plans to open new offices in Dubai, Poland and Kenya. COO and co-founder of Finverity, Alex Fenechiu, said, “Our time is now and with our new partners, I’m confident that Finverity will be a leading driver of SCF & working capital innovation across emerging markets.”