London’s Triver ushers in £7 million to provide small businesses with working capital

While Triver offers 100% of the payment of an unpaid client invoice, they claim their service is anything but factoring.
London’s Triver ushers in £7 million to provide small businesses with working capital

Let’s be honest, belts are tight at the moment, and even during the best of times getting invoices paid on time every time often involves a wing and a prayer. So what’s an up-and-coming business to do when they’ve got cash to grow, continue, and/or maintain, but that cash is tied up elsewhere in one system or another?

Joining a number of SME-focused lenders, and that’s by far from a bad thing, London’s Triver has secured £7 million via Stride, Axeleo Capital, and Motive Partners, with scout investment from Andreessen Horowitz and Sequoia Capital.

Similar to their contemporaries, Triver is using open banking data and AI to calculate and underwrite risk when it comes to fronting small businesses up to 100% of a waiting-to-be-paid invoice.

In fact, the fintech can offer SMEs up to 20% of their annual turnover on the turn of a dime, and, at a rate Triver claims is more competitive than other options on the market including a bank overdraft, traditional factoring, a credit card, revenue-based finance, and a merchant cash advance.

'Rapid access to borrowing is now a given for most consumers, but not at all for small businesses, unfortunately. By enabling 'instant capital in a click' for any SME from any industry sector, we are going to fundamentally change the way entrepreneurs can manage their business - in a real-time fashion more aligned to the pace of their activity," explained Triver CEO Jerome Le Luel. "We are also going to enable the emergence of proper embedded finance for SMEs, with capital seamlessly available at point of need through trusted digital partners. Thanks to open banking data and AI, small businesses will finally enjoy the consumer-like experience they deserve.'

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