FinTech firm Previse has raised $18m in Series B financing round headed by global technology company Tencent.
The round also saw participation from existing investors including Augmentum FinTech and Reefknot.
Previse’s AI-based analytical tools mine the vast amount of B2B network data to accurately predict future revenues and price risk. As an enabler for its industry, Previse claims its solutions connect SMEs with billions of cost-effective working capital embedded within the existing B2B platforms which businesses use to transact.
The company claims it has added a range of new partners, solutions and increased its geographic reach in 2022 and this funding will further support the expansion.
According to Previse, over $24trn of trade is carried out each year between 20 million SMEs and the largest 5,000 corporate buyers globally.
Previse will use the new capital to expand the availability of its innovative ‘data-driven’ working capital finance solutions, designed for SMEs.
Previse founder and CEO Paul Christensen said, “We’re delighted to have completed this first phase of our Series B round, which will allow us to accelerate the adoption of our working capital finance solutions. To have Tencent lead our round is a great endorsement of our model and the opportunity we are addressing.”
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