Koverly

Koverly is a B2B payment management and processing platform that handles domestic and international payments and provides deferred payment and trade accounting services for businesses. Currently, the platform processes over USD 200 million in annualized domestic and international transactions, with international payments accounting for nearly 50% of Koverly's transaction volume. Koverly offers businesses enhanced payment flexibility and reduced foreign exchange (FX) rates. It introduced a buy now, pay later (BNPL) solution known as KoverlyPay in August 2023, which offers users a 30-day extension on FX payments at no cost to either the buyer or seller. This allows businesses to extend their payments into four, eight, or 12 weekly installments. By deferring FX payments for 30 days, Koverly claims that its BNPL function can provide businesses with extra working capital, unlocking additional inventory turns and boosting annual profitability by 50%–100%.

When businesses opt for KoverlyPay at checkout, funds are transferred to the recipient within one to three business days. In addition to payment flexibility, Koverly offers reduced FX rates of up to 50% and eliminates wire transfer fees, potentially saving businesses up to USD 40 per transaction.

Key customers and partnerships

In September 2022, the company collaborated with Elenteny Imports to offer importers guaranteed best-in-market FX rates, no-fee online global payment tools, and a 30-day interest-free credit line for FX purchases.

Funding and financials

Koverly raised USD 7.6 million in seed funding in August 2023 from Accomplice VC, Vinyl Capital, and One Way Ventures. The funds were earmarked to develop a payment platform integrated with foreign currency and B2B cash flow management tools to support businesses involved in international trade.