Triver, a UK-based fintech company focused on providing instant access to working capital for small and medium-sized enterprises (SMEs), has secured an additional £2.5 million in funding. This convertible bridge loan comes from existing investors and builds upon previous funding rounds, bringing Triver’s total capital to over £9.5 million.
Just last week, we also reported about how, MiddleGame Ventures secured €52M for third fintech fund and is targeting early-stage innovation startup to invest in. It’s a good read too.
What problem is the startup solving
SMEs are the backbone of the UK economy, contributing significantly to overall business turnover. However, cash flow management is a persistent challenge for these businesses. Traditional bank loans can be a slow and cumbersome process, hindering SME growth. Triver aims to address this issue by leveraging Open Banking data and artificial intelligence (AI) to automate risk assessment and provide instant funding.
“We’re applying new tech to solve a real-world problem,” said Jerome Le Luel, Founder & CEO of Triver. “SMEs are at the heart of the economy, and we want to help them flourish.”
Triver’s solution streamlines the process for SMEs to access working capital. They can receive advances on client invoices within 20 minutes of application, significantly faster than traditional bank processes that can take weeks for approval and funding. This rapid access to working capital can be crucial for SMEs to cover expenses, meet payroll, and seize growth opportunities.
What is open banking and embedded finance
Triver leverages Open Banking technology, which allows secure access to a customer’s financial data with their consent. This data empowers Triver’s AI to assess risk and provide instant funding decisions. Additionally, Triver is designed to be embedded within existing digital service providers that cater to SMEs. This integration allows these service providers to offer their customers a seamless way to access working capital through Triver’s platform.
A recent partnership with Elcom, a procurement platform for the public sector, exemplifies Triver’s embedded finance strategy. Elcom processes billions of pounds worth of supplier invoices annually. This partnership enables SMEs supplying the public sector to receive immediate payment upon invoice approval, potentially transforming cash flow management for these businesses.
“Working in partnership with Triver helps us solve one of our clients’ most common challenges,” said William Lock, Chairman at Elcom. “Public sector contracts can be transformative for many small businesses but delivering at scale can squeeze working capital. Triver is fast and easy to use and solves the funding gap.”
What do we think about the startup
Triver’s solution has garnered positive feedback from users. The company boasts numerous 5-star Trustpilot reviews, highlighting their customer satisfaction. In its first year of operation, Triver has successfully funded over £20 million of invoices, supporting hundreds of UK SMEs. The additional funding will allow Triver to expand its reach and support even more businesses.
“The new funding we’ve announced is further validation of our groundbreaking solution for small business owners,” said Le Luel. “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.”
With a growing team and increasing funding, Triver is well-positioned to play a significant role in improving cash flow management for UK SMEs. The success of their technology and embedded finance strategy will be crucial in their quest to empower SMEs and contribute to the overall health of the UK economy.
