B2B payment solution Previse has raised $7m in its Series A round of funding, to help it meet growing demand.
European FinTech investor Augmentum Fintech and US-based venture firm Bessemer Venture Partners co-led the series. Participation to the round also came from Hambro Perks, as well as a number of existing and new angel investors.
Augmentum supplied around $2.5m of the $7m funding, and is part of a £7m investment spree from the firm, which has backed three FinTechs. The other two companies to receive a share of this investment are UK SME challenger bank Tide and due diligence and risk mitigatory company DueDil.
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.
Since the platform launched in 2016, it has signed up ‘seven large organisations’ and received significant demand from international companies.
Through the new line of equity, the company hopes to grow its model to meet the growing demand, onboard new clients and further the development of its technology.
Augmentum Fintech CEO Tim Levene said, “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.”
Earlier in the year, Previse received an £800,000 grant from Scottish Enterprise in order to build a new development centre in Glasgow. Last year, the company received a £2m investment led by Hambro Perks to support the development of its AI solution.
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