SME lender Triver secures £7m in funding


Triver, which offers short-term working capital loans to SMEs, has raised £7m in a funding round.

Investors in Triver include Stride, Axeleo Capital, Motive Partners, Andreessen Horowitz and Sequoia Capital. The FinTech company is also backed by Triver’s non-executive director Dan Cobley, as well as other unnamed angel investors.

By leveraging open banking data and AI, Triver can instantly and automatically underwrite the risk of small business borrowing. SMEs can access finance equivalent to up to 20% of their annual turnover, instantly, and at a more competitive rate than other small business finance options, it said.

Triver combines AI and digital processing to offer a seamless customer experience. It is designed to be embedded within digital services providers already serving SMEs, such as accounting platforms, digital banks, payment providers, and procurement tools. 

Triver CEO Jerome Le Luel said, “Existing short-term finance solutions rarely fully satisfy small businesses. Yet it’s not a simple puzzle to solve. SMEs have complex cash flow dynamics and underwriting their credit risk automatically is very hard – it has not been a priority for banks. 

“But at Triver, we’ve cracked the code. Using Open Banking and artificial intelligence we are revolutionising how SMEs access finance and are partnering with digital service providers already trusted by these businesses.”

Stride.VC founder Fred Destin added, “With millions of small businesses in the UK, there is a huge underserved market for SME finance – primarily due to antiquated lending processes. The right data and technology is now available to radically change this.

“With Triver we will make lending to the founders and business owners of the real economy way more efficient and economical. This is a mission we’re delighted to support.” 

Axeleo Capital recently led the £3m funding round of UK-based rent-to-own startup for key workers Keyzy.

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