TRIVER raises £2.5m to fuel growth in instant SME lending
By Gloria Methri
UK FinTech TRIVER has secured £2.5 million from existing investors to provide SMEs with instant access to working capital.
Although SMEs represent over half of UK business turnover, cash flow management is a constant problem for them. TRIVER is transforming how these businesses access short-term working capital, leveraging Open Banking data and sophisticated AI to underwrite the risk of small business borrowing instantly and automatically.
Faster and more easily than high street banks, it can provide advances on a business’s client invoices 24/7, offering peace of mind of simple access to capital when needed.
The £2.5 million convertible bridge loan builds on an initial £7 million equity funding announced in April 2023 involving Stride VC, Andreessen Horowitz, Axeleo Capital, Motive Partners, and Sequoia Capital, and a £20m debt facility agreed last year with Luxembourg-based Avellinia Capital.
In its first year of operation, TRIVER has successfully funded more than £20 million of invoices supporting over 250 UK SMEs. It is providing working capital to small businesses at matchless speed. It takes just 20 minutes from initial application to account opening to funds appearing in a business’s bank account.
Jerome Le Luel, Founder and CEO, said, “We’re applying new tech to solve a real-world problem. SMEs are at the heart of the economy, and we want to help them flourish. The new funding we’ve announced further validates our groundbreaking solution for small business owners. Our vision remains to leverage the latest technology and Open Banking data to provide SMEs with access to cashflow finance at the point of need.”
TRIVER is designed to be embedded within digital service providers already serving SMEs. These providers benefit from easy-to-integrate automated processes that make it simpler to provide a short-term working capital solution to support their customers. They can also receive a value share back when their customers use TRIVER’s service.
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July 19, 2024
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