TRIVER secures £20m from Avellinia Capital to revolutionise UK SME financing

TRIVER secures £20m from Avellinia Capital to revolutionise UK SME financing

TRIVER, a SME working capital provider, has successfully raised a significant £20m in a new funding round.

This substantial sum was sourced from the Luxembourg-based Avellinia Capital, according to a report from IBS Intelligence. The deal, involving a £20m debt facility, is poised to enable TRIVER to offer over £200m of funding annually.

TRIVER leverages innovative open banking data and AI to meet the short-term working capital needs of small businesses. The company stands out by instantly and automatically underwriting the risk associated with small business borrowing. This efficient approach allows TRIVER to provide advances on a business’s client invoices around the clock, offering a faster and more accessible alternative compared to traditional high street banks.

Jerome Le Luel, Founder & CEO of TRIVER, commented on the company’s philosophy and operational strategy. “The vast majority of SMEs we interact with are willing to grant us access to their bank data via Open Banking. They are familiar with this tool because it is commonly used with their accounting software. They see the benefit of a simpler process than manually providing bank statements and other data. Nor do they have to make personal guarantees when applying to us.”

TRIVER’s future goals include significantly reducing the time taken to open a new facility and advance an invoice, aiming for less than 10 minutes and 1 minute respectively. This ambition highlights a stark contrast to the traditional banking process, which can take up to four weeks for facility opening and 24 hours for invoice advancement.

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