Previse enables buyers to have all their suppliers paid instantly, as soon as the buyer receives an invoice. It uses machine learning technology to root out the invoices which are unlikely to be paid, allowing a funder to pay the rest immediately. The small fee paid by the supplier for instant payment is shared between the buyer, the funder and Previse.
Paul Christensen, Co-founder and Chief Executive Officer at Previse, said:
“We opened our doors to customers just over 12 months ago. Since then, we’ve seen huge interest in our instant payment programme from Governments and Corporates. Among CFOs at large corporations, there is a real understanding of the huge inefficiencies in the current B2B commerce model and a desire for a solution. With this funding, we will be able to grow our model to meet this demand and ensure that every supplier in the world has the option to be paid instantly.”
This funding round followed the Company’s seed round in 2017, on which MH also advised.