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Triver boosts UK SMEs with £2.5m funding injection

In a significant boost for UK small and medium-sized enterprises, Triver has secured £2.5 million in fresh funding.

This new capital injection is set to enhance Triver’s cutting-edge platform, which leverages AI and Open Banking to provide instant working capital solutions, addressing a critical challenge in SME cash flow management.

  • Marina Mouka
  • July 5, 2024
  • 2 minutes

Triver, a pioneering UK-based fintech, has successfully raised £2.5 million to further enhance its instant working capital solutions for small and medium-sized enterprises (SMEs). The firm’s goal is to transform the way SMEs in the UK access short-term working capital, addressing a critical challenge in cash flow management.

The £2.5 million, secured through a convertible bridge loan from existing investors, brings Triver‘s total capital to over £9.5 million. This funding round builds on an initial £7 million equity investment announced in April 2023, with participation from prominent venture capital firms such as Stride VC, Andreessen Horowitz, Axeleo Capital, Motive Partners, and Sequoia Capital.

Additionally, a £20 million debt facility was agreed upon last year with Luxembourg-based Avellinia Capital.

Harnessing AI and open banking for SMEs

Triver aims to transform the SME finance landscape by leveraging Open Banking data and sophisticated AI technologies. Its platform enables instant and automatic underwriting of small business borrowing risks, allowing for rapid advances on invoices. This system significantly reduces the time required to provide funds compared to traditional banks, offering SMEs a much-needed lifeline in managing their cash flow.

In its first operational year, Triver has funded over £20 million worth of invoices, aiding more than 250 UK SMEs. This milestone highlights the effectiveness of Triver’s solutions in addressing the financial needs of small businesses.

Triver’s services are designed to be integrated with digital service providers that already serve SMEs, enhancing their ability to offer short-term financial solutions seamlessly.

A notable partnership with Elcom, a leading procurement platform, exemplifies Triver’s embedded finance strategy. This collaboration facilitates immediate payments for SMEs supplying the public sector, potentially transforming cash flow management for these businesses.

Paving the way for future innovations

With the new funding, Triver aims to expand its reach and further support SME growth through innovative financial solutions. The company plans to enhance its technological capabilities and broaden its market presence within the UK.

Founder & CEO Jerome Le Luel stated, “We’re applying new tech to solve a real-world problem. SMEs are at the heart of the economy, and we want to help them flourish. The new funding we’ve announced further validates our groundbreaking solution for small business owners. Our vision remains to leverage the latest technology and Open Banking data to provide SMEs with access to cashflow finance at the point of need.”