Zuvy Secures $4.5 Million Investment to Expand Invoice Financing Operations in Nigeria
Zuvy, a Nigeria-based invoice financing company, is changing the vendor-buyer relationship by offering cash upfront to vendors to meet their business needs and invoice management software for buyers to eliminate inefficiencies tied to traditional pen-and-paper.
Small businesses, particularly in the FMCGs who service large business chains are often strewn with a lack of capital to service their contract agreement as their capital is often tied up in receivables which are often paid back in a 30–60-day window. These small businesses often have to find an alternative to getting capital to service their agreement which can be an arduous task. However, Zuvy, a Nigeria-based invoice financing company, is changing that by giving cash upfront to retailers to meet their business needs.
“Millions of small businesses on the African continent are hindered by their capital being tied up in receivables. Our primary goal is to empower these businesses with the liquidity that they need, when they need it. This flexibility ensures that these SMEs can better manage cash flow, expand their customer base, and take on new contracts”,” Angel Onuoha, Zuvy’s CEO and co-founder stated.
The invoicing company has raised $4.5 million in funding—a mix of debt and equity—from TLG Capital and a host of other investors, including Dunbar Capital; David Mussafer, chairman of Advent International; Next Chymia Consulting HK; Khalil Osman from Vicus Ventures; and several others. Zuvy’s CEO has stated that the funds secured are to be used to expand Zuvy’s reach and meet up with the growing demand from Nigerian vendors.
Founded in 2021 by Harvard College alumnus Angel Onuoha and Ahmad Shehu, who is CTO and a former senior engineer at Mono, Zuvy, in addition to financing, offers free invoice and purchase order management software that enables large businesses to streamline their procurement processes.
Source: Tech Cabal
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