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§ Private Profile · 60 Thoreau Street 173, Concord, Massachusetts, 01742, United States
Financial technology platform providing foreign exchange, online payments, and credit for importers and SMBs, focused on global payments and cash.
Koverly is a financial technology platform based in the United States, offering foreign exchange, online payments, and credit solutions primarily for importers and small to medium-sized businesses. The platform streamlines global payments in 128 currencies to over 180 countries, alongside providing B2B receivables like Net 30 terms and flexible financing options without affecting credit scores. Targeting SMBs in retail, distribution, and global trade, Koverly helps these businesses manage international transactions, reduce hidden costs, and improve cash flow. The company generates revenue through charges on payment processing, foreign exchange, and fixed low borrowing fees for its credit and financing services. Operating with 10 employees across 2 offices, Koverly was founded in 2020; its founders are not publicly named. Its business model centers on charges on payment processing, foreign exchange, and fixed low borrowing fees for credit and financing services.
Koverly has raised $8.0M across 1 funding round.
Koverly has raised $8.0M in total across 1 funding round.
Koverly has raised $8.0M across 1 funding round. Most recently, it raised $8.0M Seed in August 2023.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Aug 1, 2023 | $8M Seed | — | HI Ventures, Alpha4 Ventures, Caffeinated Capital, Canary Ventures, Comal Ventures, Connolley, Homebrew, Magma Partners, NFX, ONE WAY Ventures, David Vélez, Karim Atiyeh, SRI Batchu, Accomplice, Vinyl Capital | Announced |
Koverly has raised $8.0M in total across 1 funding round.
Koverly's investors include ALLVP, Alpha4 ventures, Caffeinated Capital, Canary Ventures, Comal Ventures, Connolley, Homebrew, Magma Partners, NFX, One Way Ventures, David Vélez, Karim Atiyeh.
Koverly is a financial technology company founded in 2020 that provides a platform combining foreign exchange (FX), online payments, and embedded credit for importers and small to medium-sized businesses (SMBs). It serves global importers, logistics providers, and software companies by solving high costs and complexities in cross-border payments, offering savings of up to 50% on FX rates, no wire fees, and flexible financing options like extended terms in fixed weekly installments.[1][2][4]
The platform enables payments in 128 currencies across 180+ countries, real-time conversions, and integrations with accounting systems like QuickBooks and NetSuite, while providing secure, trackable online checkouts that boost order values by up to 60% through multiple options including ACH, credit cards, and digital wallets.[3][4] Koverly has raised $7.6M in funding, maintains a small team under 25 employees in Concord, Massachusetts, and focuses on maintaining healthy cash flow for users via private credit resources.[2]
Koverly was founded in 2020 by financial technology experts and former business owners with backgrounds in retail, distribution, importing, technology, and finance. These founders drew from their own experiences to address pain points in global payments for SMBs, creating the first platform to integrate FX hedging, online payments, and credit into a single tool.[1][2]
Early traction stemmed from targeting importers facing hidden FX and processing fees, quickly evolving to include partnerships with software providers and logistics firms for seamless integrations. A key pivotal moment was securing $7.6M in funding, which supported platform expansions like no-code payment links and API options.[2]
Koverly rides the wave of rising global trade digitization and SMB globalization, where importers face volatile FX costs and cash flow squeezes amid supply chain disruptions. Its timing aligns with post-2020 e-commerce surges and fintech embedded finance trends, enabling non-banks like logistics firms to offer B2B payments and credit seamlessly.[1][3][4]
Market forces favoring Koverly include demand for transparent, low-cost cross-border tools amid inflation and currency fluctuations, plus growth in API-driven fintech stacks. It influences the ecosystem by empowering SMBs and partners to compete globally, reducing reliance on traditional banks and fostering faster trade cycles.[2][4]
Koverly is poised for expansion by deepening integrations with enterprise ERPs and targeting larger importers, leveraging its $7.6M funding for product launches amid fintech consolidation. Trends like AI-driven FX hedging and real-time payments will shape its path, potentially scaling revenue beyond its current <$5M base through international growth.[2]
As global trade rebounds, Koverly's all-in-one model positions it to capture more SMB market share, evolving from importer-focused tool to full trade finance platform—redefining payments as the original founders envisioned for frictionless global business.[1]