Small and medium-sized enterprise (SME) working capital provider TRIVER has secured up to £114m to support small businesses across the UK with invoice finance.
The London-based fintech uses open banking data and artificial intelligence (AI) to underwrite lending, aiming to make access to working capital quicker and simpler.
TRIVER said small firms can get a new facility within 10 minutes and invoices are usually funded in under 5 minutes, with fees starting at 1.8% for a 30-day invoice.
In comparison, banks can take up to 4 weeks to open a facility and 24 hours to advance an invoice.
The funding is made up of a £14m series A round led by AlleyCorp, with support from Axeleo Capital, Inkberry Ventures, Stride VC and others, as well as debt facilities with HSBC Innovation Banking UK and Avellinia Capital.
HSBC Innovation Banking has provided £35m in debt financing, with another £35m possible subject to credit approval, while Avellinia Capital’s facility now stands at £30m.
TRIVER’s total VC investment is now £21m, and its combined debt facility has increased from £20m to £65m, with the potential to reach £100m.
This funding is expected to allow TRIVER to offer £1bn of lending per year.
The facility is backed by the British Business Bank through its partnership with Avellinia Capital.
Jerome Le Luel (pictured), founder and CEO at TRIVER, 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.”
Le Luel added: “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.”
Clare Mitchell, director, fintech at HSBC Innovation Banking UK, 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.”
