Digital instant invoice payment company Previse has received a £2.5m grant from Banking Competition Remedies’ (BCR) Capability and Innovation Fund.
With this capital, the company will further the development of its payment technology and accelerate the market adoption.
The company leverages AI technology to help suppliers get paid instantly. Its technology analyses invoice data from large corporates to identify invoices that will need manual oversight, whilst automatically paying those which do not.
Previse CEO Paul Christensen said, “With the BCR funding and collaboration with the FSB, we will be able to get more SMEs paid instantly: reducing the need to resort to other expensive forms of finance. Our top priority is getting working capital to small businesses, to provide the immediate cashflow support they need.
“To do this, we must create a change to the payment culture across the UK. We are calling on government, large corporates, organisations that represent the interests of SMEs, and the public, to join us in creating a movement that ensures every SME has the option of immediate payment, whenever they issue an invoice.
“The current climate makes it more important than ever to act now.”
The FinTech already secured an $11m investment earlier in the year from Reefknot Investments, Mastercard, Bessemer Venture Partners, Hambro Perks and Augmentum Fintech.
BCR has issued a number of grants this week. Loan platform Funding Xchange has been awarded £5m by BCR and Codat, which helps connect internal systems of small businesses to banks and FinTechs, secured £2.5m.
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