Koverly Launches B2B Buy Now, Pay Later Platform, Redefining Business Payments
US-based startup Koverly has unveiled its innovative B2B Buy Now, Pay Later (BNPL) platform, offering businesses the flexibility to postpone foreign exchange (FX) payments for up to 30 days, according to The Paypers. This pioneering move aims to reshape the landscape of global payments and cash flow management.
The KoverlyPay BNPL solution introduces a remarkable feature that permits a 30-day extension on FX payments, all without imposing any supplementary charges on the involved parties. Additionally, enterprises now have the option to spread their payments over fixed weekly installments spanning 4, 8, or 12 weeks, catering to varying financial preferences. The startup, which originated in 2020, swiftly garnered USD 7.6 million in seed funding from prominent investors like Accomplice VC, Vinyl Capital, and One Way Ventures. Koverly’s mission centers on creating a dynamic payment platform that seamlessly integrates foreign currency transactions with B2B cash flow management. This synergy proves particularly advantageous for international business operations, such as importing. The company has unveiled its target to initiate approximately USD 70 million in new loans during 2024, according to an official press release.
As of the current date, Koverly has reported that its operations encompass an annualized transaction volume of USD 200 million, catering to both domestic and international payment needs. Of this sum, half is attributed to global payment capabilities introduced in July 2022. Koverly officials have eagerly highlighted the overarching goal of KoverlyPay, emphasizing its potential to supply enterprises with increased working capital, thus invigorating inventory turnover rates and annual profitability.
Koverly stands out by delivering swift, customized underwriting to US businesses, allowing approvals for amounts up to USD 500,000 within a mere 24 hours. Notably, this underwriting process leaves no impact on the applicant’s credit score. Approved businesses can seamlessly integrate KoverlyPay’s payment deferral alternatives into their checkout processes. Once KoverlyPay is selected during checkout, funds are efficiently transmitted to recipients within a span of one to three business days. To enhance clarity and convenience, the platform provides well-defined, fixed repayment choices for businesses.
The spectrum of advantages offered by Koverly to global enterprises seeking to optimize their cash flow is vast. These advantages include diminished foreign exchange rates, the eradication of wire transfer fees, a complimentary 30-day extension for FX payments, and the option to extend bill payments for up to 12 weeks.
Koverly’s inception emerged from the minds of financial technology experts and former business owners with diverse backgrounds in retail, distribution, importing, technology, and finance. Their collective vision aimed to redefine global and local payments for small to medium-sized businesses (SMBs). Functioning as a venture-backed B2B global payments platform, Koverly champions its role in enhancing business profitability through streamlined cash flow management and efficient payment processing. The platform’s core strengths encompass reduced transaction fees, extended payment timelines, and the expeditious, secure transfer of funds via a unified online interface.