Previse nets £800k grant from Scottish Enterprise for new office

B2B payment solution Previse has netted an £800,000 R&D grant from Scottish Enterprise to build a new development centre in Glasgow.

The centre, which marks the London-based company’s first in Scotland, will create 37 new data science jobs.

Previse uses AI technology to allow large businesses to pay suppliers the day they receive an invoice. The platform uses the millions of data points to asses an invoice and value the likelihood of it being paid, and then sends it to a funder, which are predominantly banks, to pay on the company’s behalf.

The company is looking to launch its first instant-payments programme with a group of blue chip multinational buyers.

Scottish Enterprise international sector head for financial and business services Sharon Hamilton said, “It’s been estimated that the fintech sector could create up to 15,000 new jobs in Scotland over the next decade – and attracting new companies such as Previse to locate here will play a key role in achieving this potential.

“Previse’s technology has the potential to make a significant impact on small businesses operating across the UK and is exactly the kind of innovation that will help grow the sector.”

Last year, Previse scored a £2m funding round to support the development of its AI solution product, with Hambro Perks leading the investment.

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