Symmie Swil, with her impressive track record in business banking, has been promoted to the role of Chief Operating Officer (COO), while Alex Fenechiu, co-founder of Finverity and former COO, will transition to the role of Chief Revenue Officer (CRO).

Symmie Swil’s move to COO recognises her invaluable contribution as Head of Operations since joining Finverity in 2023.

Swil, previously Deputy CEO of Investec CIB UK and Head of SME Banking for Starling Bank, has an impressive history of driving significant growth, whilst instilling operational excellence, notably expanding Starling Bank’s business accounts from 150,000 to 430,000 in 18 months.

Since joining Finverity in early 2023, she has been instrumental in building scalable business operations and playing a crucial role in fundraising and financial planning and analysis.

Swil’s appointment underscores Finverity’s commitment to people development and promoting from within.

Alex Fenechiu, in his new role as CRO, will focus on driving revenue growth, leveraging his deep understanding of the business and its operations. Fenechiu’s transition reflects his passion for scaling businesses and his expertise in sales and client acquisition.

His move is aligned with Finverity’s aggressive growth targets for the year and the upcoming launch of FinverityOS 2.0, its SaaS technology enabling banks and NBFIs to digitally transform working capital & SCF operations, and a critical milestone for the company.

Alex Fenechiu stated,

“This strategic shift for Symmie and myself is about placing the right people in the right roles to drive Finverity forward. Working with Symmie has been incredible since the day she joined. She is the ideal COO due to her deep understanding of our tech and offering as well as the complex landscape of banking trade operations. Meanwhile, my focus on revenue generation as CRO will hopefully propel us closer towards our ambitious goals of market leaders in SCF solutions.”

Symmie Swil added,

“I am honoured to step into the role of COO at Finverity. I am excited to work closely with Alex and the rest of the team to deliver scalable growth and transform access to supply chain finance. I’m looking forward to using my strategy and operational experience from banking and fintech to ensure we can meet our ambitious goals and deliver exceptional service for our clients.”

These executive changes strengthen Finverity’s leadership team, reinforcing its commitment to operational excellence and robust growth.

As the company prepares for the launch of FinverityOS 2.0, these appointments are critical in ensuring the company’s readiness for scaling and meeting the demands of a rapidly evolving market.

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The collaboration enables many more banks and NBFIs to fully digitalise their operations using Finverity’s technology, FinverityOS, while managing all working capital and supply chain finance products on a single operating system.

Tesselate’s breadth of banking relationships and interoperability combines with Finverity’s cutting edge technology to create a truly industry-leading solution that can be seamlessly integrated.

Digitalising trade and SCF (supply chain finance) operations promotes innovation, allowing banks and NBFIs to increase revenue streams from new and existing clients and streamline operational processes. The partnership comes at an opportune moment for supply chain finance and for banks, as demand for this technology has never been higher.

According to BCR’s World Supply Chain Report 2023, global supply chain finance volumes have grown 21% year-on-year.

At the same time, the trade finance gap – the difference between requests and approvals for financing – has expanded 50% in just two years to $2.5tn. But in spite of the obvious demand and need for supply chain finance, a clear majority of banks do not have a platform. Many rely on manual, outdated and even paper-based systems that have changed little since the 1980s.

By combining Finverity’s technology and expertise in working capital and supply chain finance products with Tesselate Group’s adaptable business systems, and interoperability layer Hive.t, new systems that would typically take months to deploy can be deployed in as little as 30 days.

Better equipping banks and NBFIs with a robust and adaptable system in this way enables them to navigate the triple threat of rising interest rates, inflation and geopolitical uncertainty.

“We are excited to collaborate with Finverity to provide businesses with a transformative solution for working capital management,” said Said Guida, Managing Partner at Tesselate Group. “This collaboration not only enhances operational efficiency, but also empowers businesses to diversify their product offerings and drive revenue growth.”

“Speed to market and time of implementation have become key decision-making factors for banks when choosing a technology partner. Finverity’s solution in collaboration with Tesselate allows banks and NBFIs to access fully integrated, world-class SCF solutions in record time. We are incredibly excited for what’s ahead!” said Alex Fenechiu, COO & Co-founder, Finverity.

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As part of the partnership, FIMBank has joined Finverity’s supply chain platform, which provides a seamless origination-to-execution servicing infrastructure.

This includes pre-qualified deal flow, transaction processing, real-time risk management and reporting.

The partnership envisages FIMBank scaling up its payables and receivables financing through Finverity’s platform.

The first deals, which have already been deployed, are focused on the IT sector in the UAE, while the current phase of scaling up expands industry coverage to agro commodities in the Middle East as well as conglomerates in Eastern Europe.

The Finverity partnership will bring FIMBank into the wider trade finance ecosystem on Finverity’s platform.

This includes identifying co-funding opportunities, transaction cross referrals and a wider collaborative environment as Finverity’s platform grows in terms of deal flow and funding volumes.

Viacheslav (Slava) Oganezov, Co-Founder & CEO at Finverity, commented: 

“It is still early days for mid-market companies in their digital trade finance journey but there is no doubt that smart digital solutions are the way forward for the sector, allowing funders and fintechs to collaborate with the objective of better serving corporate clients. We are therefore delighted to be partnering with FIMBank as it embraces the digital revolution to scale up its trade finance operations globally and allocate much-needed capital more efficiently.”

Alex Fenechiu, Co-Founder & COO at Finverity, commented:

“Working with FIMBank to structure a scalable, efficient and quick methodology of deploying capital to mid-market firms was indeed a pleasure. Together we took a critical look at the way things are currently done in the trade finance industry and identified what would work best for FIMBank. This partnership is a testament to the collaborative era between banks and fintechs that we have now entered and charts the way forward for future collaborations.”

Kamel Moris, Chief Commercial Officer, Trade & Commodity Finance & Shailesh Bhala, Senior Executive Officer at FIMBank DIFC Branch, commented:

“FIMBank identified Finverity as one of the few platforms actually delivering on deal flow origination in the mid-market corporate sector. The ease of use, strong risk management and reporting, and the best technology we have seen to date combined with strong deal flow origination made for a clear choice. As an established finance provider to the mid-market corporate sector, FIMBank looks forward to scaling up its trade finance operations digitally and providing our clients with the services they need and deserve.”

The “platformication” of trade finance

A Boston Consulting Group (BCG) recent report stated high growth is expected in increasing the access to trade and supply chain finance, particularly digital propositions to the mid-market and smaller-end market. 

By 2025, BCG estimates that 10%-15% of trade finance and 20%-25% of small and medium-sized enterprise trade finance will be conducted through digital platforms. In order to capture this growth banks will need to innovate their product design and execution.

Many traditional trade finance products are not designed to be sold at scale and at point of transaction, e.g., the letter of credit, which is paper-intensive and can take weeks to execute. Finverity’s digital platform turns the tables on this by enabling transactions in real-time and in a scalable manner thanks to automation.

The benefits of digital platforms are becoming increasingly recognized with adoption increasing as the SCF industry evolves into an ecosystem.

Finverity expects to see a widening digital gap to emerge between early adopter banks that work closely with fintechs and platforms in order to ride the growth wave, and the laggard banks that are slow to adapt and evolve.

Platforms offer banks a highly scalable way to participate in trade finance growth at the small cost of changing the way they operate. Ultimately, platforms are democratising SCF by making the market larger and more liquid, increasing access to finance for all. That can only be a good thing.

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