Previse has scored a £2m funding round to support the development of its AI solutions for instant payments.
Hambro Perks led the investment and was joined by Founders Factory, as well as several angel investors.
The company uses its AI to make instant payments for small businesses supplying big corporates. Previse’s AI and millions of data points help asses an invoice and value the likelihood of a company paying and then sends it to a ‘funder’, which are predominantly banks, to pay for the product on the buyer’s behalf.
Using this platform suppliers offer a small discount on their invoices, but the instant payments offers a safer transaction.
Previse co-founder and CEO Paul Christensen said, “SMEs are the backbone of the world economy, generating the majority of growth, employment and innovation. Yet, most of them are consistently paid late by corporate buyers. It is an unsustainable position which damages the entire economy.
“Previse’s AI technology ensures we no longer have to accept this situation. Instant, frictionless and efficient payments can become the new standard for B2B payments. The prize is 50,000 more small businesses kept open in the UK alone, corporates able to exceed their obligations to suppliers and a new £2.4 trillion global market for funders.”
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