FinTech startup Previse has raised $7m in a Series A funding round, that was led by listed European FinTech specialist Augmentum FinTech PLC and Bessemer Venture Partners.
Hambro Perks also participated alongside existing and new Angel investors.
Previse enables buyers to have all their suppliers paid instantly, as soon as the buyer receives an invoice. It uses machine learning technology to root out the invoices which won’t be paid, allowing a funder to pay the rest immediately. The small fee paid by the supplier for instant payment is shared between the buyer, the funder and Previse.
Co-founder and CEO Paul Christensen commented on the news: “We opened our doors to customers just over 12 months ago. Since then, we’ve seen huge interest in our instant payment programme from Governments and Corporates. Among CFOs at large corporations, there is a real understanding of the huge inefficiencies in the current B2B commerce model and a desire for a solution. With this funding, we will be able to grow our model to meet this demand and ensure that every supplier in the world has the option to be paid instantly.”
Bessemer Venture Partners has backed the likes of LinkedIn, DocuSign, and Box.
Charles Birnbaum, partner at Bessemer Venture Partners, added: “It is incredible that so much of global B2B commerce is conducted so wastefully, causing suppliers to fail and increasing expenses for buyers and their payables teams.
“Previse’s clever approach and unique technology allows business to avoid the costs and inefficiencies associated with delayed payment terms and can transform the prospects of many businesses that are supplying to large corporations around the world.”
Augmentum FinTech’s portfolio includes UK FinTech companies such as Zopa and Seedrs.
Tim Levene, CEO at Augmentum FinTech, commented: “When we are selecting FinTech companies to invest in, as well as looking for new, highly scalable business concepts; we are also looking for an extraordinary management team.
“Previse has bought together a talented, resilient and dynamic team with world-class expertise in trade finance, data science and technology. This is exactly the team to bring instant payments to the world of B2B commerce.”
The Series A funding will help scale Previse’s business to onboard clients and further develop its technology.