TRIVER, a leading SME working capital provider, has successfully secured £2.5m from existing investors to fuel its ongoing expansion.
This innovative FinTech firm is known for transforming the way small and medium enterprises (SMEs) in the UK access short-term working capital.
The funding round comprised a £2.5m convertible bridge loan, adding to an impressive funding portfolio which includes an initial £7m equity investment announced in April 2023. Prominent venture capital firms such as Stride VC, Andreessen Horowitz, Axeleo Capital, Motive Partners, and Sequoia Capital participated in earlier rounds. Additionally, a £20m debt facility was agreed upon last year with Luxembourg-based Avellinia Capital.
TRIVER is revolutionising the SME finance landscape by leveraging Open Banking data and sophisticated AI technologies. Its platform enables instant and automatic underwriting of small business borrowing risks. This system allows for a much quicker provision of funds, compared to the lengthy processes typical of traditional banks.
The newly acquired funds will be utilised to enhance TRIVER’s technological capabilities and expand its reach within the UK market. The company aims to continue providing seamless access to working capital, thus addressing one of the most critical challenges faced by SMEs today.
In its first operational year, TRIVER has funded over £20m of invoices, aiding more than 250 UK SMEs. Its services are designed to be integrated with digital service providers that already serve SMEs, enhancing their ability to offer short-term financial solutions. Furthermore, TRIVER has recently entered a strategic partnership with Elcom, a leading procurement platform, to pioneer embedded invoice finance for SME suppliers to the public sector.
Founder & CEO Jerome Le Luel commented on the funding, saying, “We’re applying new tech to solve a real-world problem. SMEs are at the heart of the economy, and we want to help them flourish. The new funding we’ve announced is further validation of our groundbreaking solution for small business owners. Our vision remains to leverage the latest technology and Open Banking data to provide SMEs with access to cashflow finance at the point of need.”
Previously, TRIVER raised a total of £27m in funding from equity and debt instruments, showcasing strong investor confidence in its business model and growth trajectory.
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