Zuvy, a Nigerian-based invoice financing company, has emerged from stealth with $4.5M in equity and debt funding, led by TLG Capital.
The company provides invoice management software and discounting services that ease the relationship between vendors and their buyers. Amid robust interest from global investors, Zuvy continues to innovate and launch products designed to unlock SME liquidity.
Despite a sizable digital population in Africa, a significant proportion of Nigerian entrepreneurs continue to operate offline. SMEs often grapple with administrative chaos, ranging from cash flow management to receivables collection. Often confronted by error-prone manual procedures or pricey technology, these businesses yearn for easier access to finances and streamlined operations.
“Given the digital shift we foresee in SMEs over the next few years, Zuvy intends to become the go-to liquidity provider for these evolving businesses,” claims Angel Onuoha, CEO of Zuvy.
Incepted in late 2021, Zuvy debuted as an invoice financing platform aiming to accelerate the receivables collection process for SMEs. Its offerings have now broadened to include an array of free software tools that aid large businesses with their procurement and vendor management. Starting within the fast-moving consumer goods sector, they’ve demonstrated impressive growth and have since expanded into healthcare and supply chains.
Through a seamless WhatsApp integration, vendors can originate and send invoices directly to their buyers. This has proven to be an incredible operational efficiency for large buyers, saving them hours of manual labor by eliminating the management of paper invoices. Additionally, Zuvy provides discounts on the buyer’s invoice payments to their vendors which materializes into noticeable cost savings for these businesses.
The recent funding round attracted a diverse group of international investors such as TLG Capital, Dunbar Capital, Next Chymia Consulting HK, Advent International’s Chairman David Mussafer, and Khalil Osman from Vicus Ventures.
“In Nigeria, small businesses receive only 0.3% of total commercial banking credit. This transmission failure is a key part of Africa’s $300 billion SME financing gap. Factoring invoices represents a massive opportunity to bring capital to these small businesses, but only if you can build the tech stack to make it scalable.” said Isaac Marshall, an investment professional at TLG Capital. “This problem is exactly what Zuvy is solving—building the capital capillaries to fund small businesses. Angel and Ahmad are excellent founders and Zuvy gets this opportunity and is perfectly positioned to pull this off,” he stated. The debt financing was completed by TLG’s deal team, with special thanks to Gilchrist Imboywa, a summer analyst on the TLG team.
Angel spoke positively regarding this partnership, “TLG’s innovative approach to lending in Naira, a critical aspect of our operations, has demonstrated their deep understanding of the unique challenges and opportunities within our market. Most importantly, their deal execution speed is unparalleled and we are highly aligned with their mission of fostering the growth of SMEs on the continent. They have been the optimal debt partner for our business.”
Zuvy is an innovative invoice financing company that connects vendors with their buyers. The team is passionate about its mission to support the growth and prosperity of our small businesses by empowering them with the software, liquidity, and financial services they need to flourish.