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Nigerian invoice financing startup Zuvy secures $4.5m funding round

Staff Writer by Staff Writer
July 6, 2023
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Nigerian invoice financing startup Zuvy secures $4.5m funding round
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Zuvy, a Nigerian invoice finance startup, is changing the dynamic between vendors and buyers by offering the former fast funds to address pressing business requirements and the latter with digital invoice management tools to do away with inefficiencies caused by paper invoices.

Capital is typically caught up in receivables, which are generally paid back in a 30-60-day timeframe, making it difficult for small firms, especially FMCGs, which serve major company chains, to service their contract agreement. Financing the deal might be difficult for small enterprises. Therefore, they frequently need to come up with creative solutions. However, Nigeria-based Zuvy is changing that by providing immediate cash to businesses to help them with their immediate cash flow requirements.

“Millions of small enterprises throughout Africa are hampered by receivables that eat up too much of their money. Our major objective is to provide these companies with access to working capital whenever they need it. Angel Onuoha, CEO and co-founder of Zuvy, told TechCabal in a phone interview that the company’s flexible payment options help small and medium-sized enterprises (SMEs) better manage cash flow, grow their client base, and take on new contracts.

Read also: Nigerian invoice financing startup Zuvy secures $4.5m funding round

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BAS Group acquires Zuvy to drive seamless, collateral-free SME loans

TLG, others contribute to the funding round 

TLG Capital, along with other investors like Dunbar Capital, David Mussafer (chairman of Advent International), Next Chymia Consulting HK, Khalil Osman (Vicus Ventures), and others, have contributed to the invoicing company’s $4.5 million investment round, which includes both loan and equity. The obtained investment will be utilized to extend Zuvy’s reach and fulfil the rising demand from Nigerian merchants, according to the company’s chief executive officer.

In addition to providing funding, Zuvy also provides free invoicing and purchase order management software to help large enterprises streamline their procurement processes. Zuvy was founded in 2021 by Angel Onuoha, a graduate of Harvard College, and Ahmad Shehu, the CTO and a former senior programmer at Mono.  

Safaricom Launches a mobile data payment service

Zuvy financing service aids both vendors and buyers

For a small business in Nigeria, getting a loan from the bank is like picking a needle from a haystack. While there are over 41.5 million SMEs in the country—95% of these do not have

access to formal financing—less than 1% of the total banking credit is given to small businesses.

The simple interface of Zuvy aids both vendors and buyers in creating, tracking, and paying off invoices. If a vendor has WhatsApp set up, they may send their customers invoices without them having to use any other service.

There are substantial operational advantages for purchasers as a result of this software since it replaces labor-intensive and error-prone manual invoicing processes. 

Zuvy joins a slew of other digital lenders serving the continent of Africa, but the company’s chief executive says they are now focused on developing their presence in Nigeria before venturing into the rest of the continent.

Tags: invoice financingZuvy
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