UK small and medium-sized businesses face a familiar challenge: slow payments. Around £150 billion in invoices remain unpaid at any given time, with the average payment period stretching to 55 days. TRIVER, a London-based fintech, aims to change that.
By using AI to automatically underwrite small business loans, TRIVER can approve funding facilities in just 10 minutes and advance invoice payments in under 5, an improvement over banks, which often take up to four weeks to open facilities and at least 24 hours to fund invoices because of manual processes.
Today, TRIVER raised £114 million through a combination of Series A equity and debt facilities, offering up to £1 billion in annual funding to help UK small businesses unlock working capital instantly. The £114 million round includes a £14 million Series A equity raise led by AlleyCorp with support from Axeleo Capital, Inkberry Ventures, and Stride VC.
On the debt side, TRIVER has secured £100 million in facilities from HSBC Innovation Banking UK (£35 million upfront, with an additional £35 million possible pending credit approval) and Avellinia Capital (£30 million). This brings TRIVER’s total VC investment to date to £21 million and increases its combined debt facility from £20 million to £65 million, potentially rising to £100 million.
Founded in 2023 by Jerome Le Luel, former Chief Risk Officer of Funding Circle and Global Head of Risk Analytics at Barclays, TRIVER aims to bridge the working capital gap for small businesses by seamlessly integrating its financing solutions into their existing digital tools.
Jerome Le Luel, TRIVER founder & CEO, said: “We solve one of the biggest problems in the real economy – suppliers and staff need to be paid on time, yet clients take time to pay. With 55 days of average payment terms, UK small businesses are constantly owed £150bn in commercial invoices waiting to be paid. TRIVER allows these businesses to turn their client invoices into instant cash flow, at any time, to fund working capital needs. This is the most flexible and cost-effective solution to smooth cash flow without taking new debt.”
TRIVER’s API-first approach means its invoice financing is embedded directly into popular SME software. Its recent integration with accounting provider Xero allows customers to unlock cash instantly through their existing accounts. Other partners include payment platform Birdie, accounting software Clear Books, procurement platform Elcom, and spend management tool Soldo. The fintech also collaborates with more than 200 SME lending brokers and continues expanding its partner ecosystem.
In the crowded UK invoice finance space, TRIVER competes with MarketInvoice, iwoca, and Fleximize. Traditional providers generally require full invoice ledger factoring, whereas TRIVER offers flexible, selective advances with lightning-fast approval and funding.
Since launch, TRIVER has served over 1,500 customers and advanced funding on more than 17,000 invoices worth £180 million. Customer loyalty runs high, with a Net Promoter Score of 94. Its fees start at 1.8% for a 30-day invoice, positioning the company as both fast and cost-effective compared to traditional lenders.
Clare Mitchell, Director of Fintech at HSBC Innovation Banking UK, highlighted their support: “We’re delighted to be supporting TRIVER with this new facility, enabling the company to continue to scale its cashflow finance offering to an ever-growing number of small businesses across the UK.”
The fresh capital injection is aimed at accelerating TRIVER’s growth trajectory, expanding its reach through further partnerships with software providers and SME lending brokers.
