Koverly

Koverly operates a financial technology platform for small and medium-size businesses engaged in global trade, combining cross-border payments, foreign exchange conversion, receivables collection and embedded credit in a single online tool. The platform supports payments in 128 currencies to more than 180 countries, free ACH transfers and check payments, credit card payments, and digital wallets with local USD accounts. It also offers scheduled payments with FX rates secured at checkout, real-time conversion, and two-way synchronization with accounting systems including QuickBooks, Sage Intacct, Xero and NetSuite.

Its financing product, KoverlyPay, gives buyers a 30-day interest-free extension on FX payments and the option to split repayment into fixed weekly installments over 4, 8 or 12 weeks. For freight forwarders and customs brokers, Koverly underwrites the forwarder's clients, advances 100% of invoices within about two days, offers approved customers 60-day net terms at no cost to either party, assumes the credit risk and manages collections. Additional financing structures cover freight bills and inventory/commercial invoices. Koverly states it performs customized underwriting of credit lines up to $500,000 without affecting the applicant's credit score.

The company markets itself on compliance and security controls including two-factor authentication, PCI/DSS certification and recurring staff security, compliance and privacy training. Integration is offered in no-code, low-code and API forms.

Founding story

Co-founders Igor Ostrovsky (CEO) and Michail "Mike" Medvinsky (CTO) started Koverly to address cash-flow constraints Ostrovsky experienced firsthand. Ostrovsky began his career in credit risk management at Capital One before moving into ecommerce, mobile finance and digital payments and credit underwriting applications, and from roughly 2003 to 2018 also ran his own importing, distribution and retail business in beverage alcohol. He described importers' core problem as long cash conversion cycles — months between overseas purchase, arrival, domestic sale and payment — combined with limited financing options often tied to the owner's personal assets. The company says it was founded by financial technology experts and former business owners in retail, distribution, importing, technology and finance.

Business model

Koverly serves businesses directly and through embedded distribution, charging for currency conversion and financing rather than transaction fees on payers. According to a data profile, it offers competitive FX rates with fees of 1.5% for every 30 days of usage, alongside payment scheduling options of pay now, pay in 30 days, or pay weekly. The company markets no wire transfer fees, free ACH and USD transfers, and zero cost to freight forwarders and their clients for 60-day net terms, while credit card acceptance is priced at 2.9-3.5% with a 1.5% international card surcharge.

Revenue comes from foreign exchange spread and financing fees — stated as 1.5% per 30 days of usage — plus card processing charges of 2.9-3.5% (with a 1.5% surcharge on international cards). The company has said it has generated meaningful revenue since launching global payments in July 2022.

Traction

In connection with its seed announcement, the company reported roughly $200 million in annualized payment volume, with foreign currency transactions accounting for 50% of that, and said monthly loan originations had grown 6x since the beginning of 2023. It stated plans to deploy $70 million in new loans to U.S.-based importers over the following 6-12 months. For freight forwarders it cites 20% more shipment bookings, a 27% increase in order value and a 29% boost in booking frequency, and says flexible payment options have increased order value by about 60% on average.

Latest developments

A funding round of approximately $19.0 million was reported as announced on 9 July 2025, following the $7.6 million seed round in August 2023. The company's website, dated 2024, presents four product lines — Pay, Collect, Convert and Finance — plus Store, Embed, Sync and Koverly POA, and a 60-day net terms program for freight forwarders and customs brokers.