Fintech scaleup Revving, an adtech that addresses delayed payments, has raised £107M led by asset manager DWS. To tackle this problem, Revving offers a payment acceleration solution that provides immediate access to earned sales revenue, even before invoices are raised. This service is facilitated through an intuitive online portal that allows users to view real-time commission data, access advanced payments and generate detailed financial reports.
Revving hopes to address the issue of extended payment terms that has dogged digital industries, straining cash flows and hindering productivity and growth. Using a proprietary technology platform and credit risk engine with direct integrations into digital marketplaces, it leverages granular data to provide an automated funding solution.
“Over 50,000 UK businesses went under last year due to late payments. We are on a mission to eradicate this and this strategic investment is a game-changer for Revving and the entire digital economy.” said Chris Pettit, CEO. Adtech contributes £129B to the UK economy and supports over 2 million jobs.
Kevin Edwards, founder and director, APMA, added: “UK affiliate marketing faces a funding bottleneck, with access to growth capital at an all-time low. The industry represents the best of UK entrepreneurship, and this cannot be jeopardised by sluggish payment systems. Revving is leading the way in enabling faster access to affiliate commissions, allowing affiliates to reinvest for growth.”
“Payment speed is critical for Publisher and Affiliate growth and success, and Awin is delighted to make payments faster than ever via our partnership with Revving, said David Lloyd, Chief Customer Officer of Awin, a strategic partner of Revving.
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