While embedded finance for SMEs has been targeted at the e-commerce sector, London-based fintech Triver aims to revolutionise the same. By using a trusted service provider, small businesses that invoice clients can access finance when they need it.
In a recent development, Triver has picked up £7 million equity from top investors to revolutionise how small businesses can access finance. The venture is backed by Stride.VC, whose team has backed early-stage businesses such as Deliveroo and Zoopla.
Other seed investors include Axeleo Capital, which backed Beanstock and Motive Partners, with scout investment from Andreessen Horowitz and Sequoia Capital. Angel investors include Triver’s non-executive director Dan Cobley, the former Google UK MD and co-founder of ClearScore and Salary Finance.
Fred Destin, Founder at Stride.VC said: “With millions of small businesses in the UK, there is a huge underserved market for SME finance – primarily due to antiquated lending processes. The right data and technology is now available to radically change this. With Triver we will make lending to the founders and business owners of the real economy way more efficient and economical. This is a mission we’re delighted to support.”
Jerome Le Luel added: “We’re partnering with fintech and SaaS providers who recognise the opportunity for short-term working capital solutions to support their SME clients. Through our API, we provide an embedded solution that will sit on these providers’ own platforms. Not only do we offer the best value short-term financing to SMEs, we also provide a value-share back to partners. By working with us, they can earn additional income without worrying about debt funding and credit risk.”
Transforms the way SMEs can access finance
Triver was founded in 2022 in London by Jerome Le Luel, a former Funding Circle Chief Risk Officer and former global head of risk analytics for Barclays. He is one of the world’s foremost experts in deploying advanced credit analytics at world-class lenders.
Leveraging Open Banking data and sophisticated AI, Triver funds SMEs’ short-term working capital needs, underwriting the risk of small business borrowing instantly and automatically. It can provide advances on a business’s client invoices 24/7, offering peace of mind of simple access to capital when needed, faster and more easily than high street banks.
Through this automated approach, SMEs can access finance equivalent to up to 20% of their annual turnover, instantly, and at a more competitive rate than other small business financing options in the market. Transaction-level insights mean Triver understands the likelihood of a small business paying back.
