Finverity, the trade and supply chain finance digital ecosystem, has expanded FinverityOS to cover 7 products, the launch of custom product creation, to meet the needs of local and regional banks and NBFIs (non bank financial institutions) globally, enabling them to fully digitalise their operation and manage all their working capital and supply chain finance products on one operating system, now and in the future.
The firm also announced the appointment of Ben Grant as Commercial Director and James Bowyer as SaaS Sales Director.
According to Alex Fenechiu, COO & Co-founder, Finverity, “We are building the only truly global digital ecosystem for open account trade, and FinverityOS is the very core of that ecosystem. We remain committed to growth markets where most vendors don’t dare to go and to the funders who need us most across the Middle East, Africa and CEE, where Finverity’s focus on digitalising trade and supply chain finance is the surest and most efficient way to channel much needed capital to start closing the $2.5trn trade finance gap.”
This comes at a crucial time: the latest research from BIS (Bank of International Settlements) highlights the significant disparity between how trade and supply chain finance is currently serviced vs. the needs of global trade. It estimates 30% of annual trade finance is provided by just 40 Tier 1 global banks, focused on servicing multinational corporations. In contrast, the remaining 70% of global trade is either not financed at all, ‘the $2.5tn trade finance gap’, or financed sub-optimally by tier 2-4 local and regional banks, using paper documentation, spreadsheets, and repurposed software, which severely limits their operational capabilities.
FinverityOS is fast, simple, affordable and secure and can be deployed in just 30 days, proving to be the fastest and most complete way for banks and NBFIs to optimise their working capital and supply chain finance operation, enabling them to address the existing market more effectively and start tackling the trade finance gap. The implementation results speak for themselves, including on average a 23% increase in interest revenue from existing facilities and a 700% increase in the number of invoices processed per week.
The seven products supported by FinverityOS are payables finance, receivables finance, distributor finance, purchase order finance, inventory finance, Islamic finance and loan products, together with a “create a deal” tool enabling banks and NBFIs to create and customise their own trade and supply finance products directly on FinverityOS. FinverityOS is provided white label, enabling banks and financial institutions to apply their own brand identity in all client interactions.
To drive the growth of FinverityOS globally, Finverity has appointed Ben Grant as Commercial Director and James Bowyer as SaaS Sales Director. Ben will be in charge of developing and implementing commercial strategies and processes to support Finverity’s meteoric growth, as well as developing its strong base of commercial partners. Ben brings 25 years of technology and software commercial experience, having led successful teams in large companies including BSi and Alternative Networks and Dun & Bradstreet. Most recently, Ben headed up the partnerships and commercial function at receivables finance specialist Aronova Interactive.
“FinverityOS provides comprehensive digitalisation of a bank’s trade and supply chain finance operations and is built to adapt around a bank’s needs, not vice-versa. I look forward to demonstrating the turnarounds that can be achieved when digitalisation is properly and fully implemented,” said Ben Grant, Commercial Director, Finverity.
James Bowyers’ remit focuses on expanding FinverityOS to ambitious but underappreciated local and regional financial institutions in new markets, including Eastern Europe, Nordics and the Middle East. James Bowyers was previously an Associate Director in Demica’s Platform Solutions team.
In March, Finverity raised US$5 million from London-based fintech specialist Outward, Amsterdam-based Acrobator Ventures and US-based s16vc founders fund with follow-on investments from MENA-based B&Y Venture Partners as well as a range of UHNWIs. The funding round comes on the back of 15x revenue growth in 2022 across the Middle East and Africa and the recent expansion to Eastern Europe.
“Banking and financial institutions have been searching for a single, adaptable solution to manage all their trade and supply chain finance products on one SaaS system, ideally under their own brand. This is exactly what FinverityOS’s white label SaaS provides: an unparalleled technological offering with the added flexibility for client financial institutions to harness a spectrum of working capital products in one, affordable system.” said James Bowyer, SaaS Sales Director, Finverity.