Previse estimates that slow payments caused by inefficient payment terms cost the world’s businesses some $300 billion every year.
Previse has pioneered algorithm-driven invoice payment decisions. The London-based startup uses machine learning to predict the likelihood that a multinational will ultimately pay a supplier's invoice, which enables instant payment. Previse reduces transaction costs for buyers, improves working capital for suppliers, and creates an attractive new asset class for funders. Previse describes it as "Trade Finance 2.0", driven by data, and driving growth for companies large and small.
In January, Previse secured a £800k R&D grant from Scottish Enterprise to set up an new development centre in Glasgow, creating 37 new data science jobs. This will be the company’s first office in Scotland, from where it plans to start rolling out its first instant-payments programme with a number of blue chip multinational buyers.
In August, it announced a $7M Series A from European investor Augmentum Fintech and US venture capital firm Bessemer Venture Partners along with other backers.