Zuvy, a software and invoice financing firm in Nigeria, has raised US$4.5 million in debt and equity funding to expand across the nation.
Zuvy, an invoice discounting business that has recently come out of stealth mode, is offering software for suppliers and their customers to settle bills and manage payment schedules.
Different Vendors who work in the healthcare, supply chain, and fast moving consumer goods industries are able to ask Zuvy for a cash advance on their outstanding invoices. These receivables, which are frequently due in 30 to 60 days, make it challenging for the vendor to land new business and grow their company.
Buyers that use Zuvy have access to free invoice management software that simplifies procurement and vendor administration. Buyers use the Zuvy dashboard to receive invoices electronically from their vendors rather than spending many hours dealing with laborious pen-and-paper processing. Most excitingly, these customers can then receive reductions on their vendor invoice payments, resulting in huge cost savings.
TLG Capital led the startup's US$4.5 million investment round, which also included Next Chymia Consulting HK, Dunbar Capital, Vicus Ventures, and famous angel investors such as David Mussafer, chairman of global private equity company Advent International.
“Our objective is to make liquidity available to African small and medium-sized firms (SMEs), a sector that drives our continent's GDP and jobs. Despite their economic importance, many businesses are grossly underfunded financially. We genuinely think that loan availability is the most powerful growth stimulus for early-stage enterprises, and as such, we seek to be Africa's pre-eminent provider of accessible, personalized credit solutions." remarked Angel Onuoha, Zuvy's CEO and co-founder.
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