London-based FinTech firm TRIVER, which provides cash flow finance solutions for small businesses, has raised up to £114m to expand its services in the UK.
The new financing combines £14m in Series A equity funding and a substantial debt facility. The equity round was led by AlleyCorp, with participation from Axeleo Capital, Inkberry Ventures, Stride VC and others.
HSBC Innovation Banking UK has committed £35m in debt financing, with the potential for a further £35m subject to approval, while Avellinia Capital has extended its facility to £30m.
TRIVER specialises in providing instant access to working capital by advancing payments on client invoices. The company uses Open Banking data and artificial intelligence to automate risk assessment, allowing businesses to set up a facility in under 10 minutes and receive funding on invoices in less than five minutes.
Founded in 2023 by Jerome Le Luel, former Funding Circle chief risk officer and Barclays’ global head of risk analytics, TRIVER already counts 1,500 clients. Since its launch it has funded more than 17,000 invoices worth £180m and achieved a Net Promoter Score of 94, indicating high levels of customer satisfaction and repeat use.
TRIVER founder & CEO Jerome Le Luel said, “We solve one of the biggest problems in the real economy – suppliers and staff need to be paid on time, yet clients take time to pay. “With 55 days of average payment terms, UK small businesses are constantly owed £150bn in commercial invoices waiting to be paid. TRIVER allows these businesses to turn their client invoices into instant cash flow, at any time, to fund working capital needs. This is the most flexible and cost-effective solution to smooth cash flow without taking new debt.
“Using AI and Open Banking, we’ve completely revolutionised how this works while ensuring transactions are secure. The significant financing we’ve announced means we can accelerate our growth and help even more British small businesses to thrive.”
HSBC Innovation Banking UK director of fintech Clare Mitchell said, “We’re delighted to be supporting TRIVER with this new facility, enabling the company to continue to scale its cashflow finance offering to an ever-growing number of small businesses across the UK. “At HSBC Innovation Banking, we have the tools, experience, and connections to help ambitious fintechs, like TRIVER, through every stage of their growth journey. We’re proud to be working with the TRIVER team, alongside Avellinia Capital as an additional financing partner.”
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