Zuvy, an invoice financing startup announced that it has raised $4.5 million in a funding round led by TLG Capital, to scale its business across Nigeria. Other investors include Dunbar Capital; David Mussafer, chairman of Advent International; Next Chymia Consulting HK; Khalil Osman from Vicus Ventures; and several others. The funds, comprising a combination of debt and equity, will be utilized to expand Zuvy’s loan book in response to the increasing demand from vendors in Nigeria.
Founded in 2021 by CEO Angel Onuoha-Onyekuru and CTO Ahmad Shehu, Zuvy provides the much needed funds for SMEs to service their contracts or meet their business needs. Additionally, the startup provides complimentary invoice and purchase order management software that allows large businesses to optimize their procurement processes and achieve greater efficiency.
Additionally, Zuvy offers a WhatsApp Assistant feature that allows users to create, manage, and send invoices directly through the widely used messaging app. This functionality enhances convenience and accessibility for both vendors and buyers, simplifying the invoicing process.
Expressing great passion for the company’s mission and recent funding round, Angel emphasized that the company’s goal is to enable African small and medium-sized enterprises (SMEs) to access liquidity. He restates that these businesses play a vital role in the continent’s GDP and employment.
“Unfortunately, these SMEs face a significant lack of financial services. We firmly believe that credit availability is a powerful catalyst for the growth of early-stage businesses. Therefore, our aim is to become a leading provider of accessible and customized credit solutions for Africa’s SME sector.”
