UK-based fintech startup Previse, which helps companies get their invoices paid instantly, has raised $11 million in a fresh funding round led by Temasek and Kuehne + Nagel-founded investment firm Reefknot, alongside Mastercard.
Also chipping in to the round: existing investors Bessemer Venture Partners, Hambro Perks and Augmentum Fintech.
Previse says its AI-powered platform currently processes over 100,000 invoices on a daily basis, assisting SMEs in managing cashflow - quite a critical part of business at any time, but particularly in this day and age.
Basically, the company analyses the data of the corporate buyer to detect the very few invoices that need manual intervention, and the rest are paid immediately via Previse's its instant payment technology, dubbed InstantPay.
Paul Christensen, Previse's co-founder and CEO, said: "This backing and investment from our new partners will support Previse as our instant payment technology, InstantPay, moves to adoption by more large corporate buyers all over the world. Now, more than ever, it is important to increase the resilience of supply chains and support SMEs that economies across the world depend on. The best way to do this is for large corporates to pay invoices fast."
Previse was founded in 2016 and has offices in London and Glasgow.