US-based startup Koverly has introduced a B2B Buy Now, Pay Later platform to allow businesses to defer FX payments for 30 days. The KoverlyPay BNPL solution offers a 30-day extension on foreign exchange (FX) payments at no additional cost to the parties involved.

Businesses can also opt to extend payments over fixed weekly instalments spanning 4, 8, or 12 weeks. Established in 2020, Koverly secured USD 7.6 million in seed funding from investors such as Accomplice VC, Vinyl Capital, and One Way Ventures. The company's focus is on creating a payment platform that combines foreign currency and B2B cashflow management, particularly suited for international business trade, like importing.

Koverly aims to originate approximately USD 70 million in new loans in 2024, according to the company press release. At the time of writing, Koverly reports that it handles an annualised volume of USD 200 million for both domestic and international payments. Global payment capabilities, introduced in July 2022, constitute half of the total volume.

In the company press release, Koverly officials talked about KoverlyPay and highlighted the product's ambition to provide businesses with additional working capital, ultimately boosting their inventory turnover and annual profitability. Koverly offers US businesses rapid customised underwriting, granting up to USD 500,000 within 24 hours. The underwriting process doesn't impact the applicant's credit score, and approved applicants can seamlessly integrate KoverlyPay payment deferral options into their checkout process.

When businesses select KoverlyPay at checkout, the funds are transmitted to the recipient within one to three business days. Clear, fixed repayment choices are provided to the business. Some of the main ways Koverly can help global businesses to improve their cash flow include reduced foreign exchange rates, the elimination of wire transfer fees, a 30-day deferral of FX payments at no cost, and the option to extend bill payments for up to 12 weeks.

More information about Koverly Koverly was founded by financial technology experts and former business owners in retail, distribution, importing, technology and finance to redefine global and local payments for small to medium size businesses (SMBs). The company operates as a venture-backed B2B global payments platform with the goal of enhancing business profitability through improved cash flow management and efficient payment handling. The platform's primary benefits include reduced transaction fees, extended payment timelines, and faster, safer fund transfers through a unified online interface.

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