London-based fintech startup Previse has secured $11m (£8.8m) in fresh funding as the invoice payment platform defied wider economic gloom sparked by the coronavirus crisis.
Previse, which was founded in 2016, uses artificial intelligence to help suppliers get invoices paid instantly when no manual intervention is needed.
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The King’s Cross-headquartered firm currently processes more than 100,000 invoices per day and is aiming to reach 5m suppliers within the next five years.
The funding round was led by Temasek-based Reefknot Investments and Mastercard, with support from existing investors Bessemer Venture Partners, Hambro Perks and Augmentum Fintech.
It comes as the pandemic puts pressure on cashflow, with a particular strain on small and medium-sized businesses (SME).
“This backing and investment from our new partners will support Previse as our instant payment technology, Instant Pay, moves to adoption by more large corporate buyers all over the world,” said Previse co-founder and chief executive Paul Christensen.
“Now, more than ever, it is important to increase the resilience of supply chains and support SMEs that economies across the world depend on.”
Previse is part of Mastercard’s startup acceleration programme Start Path and the financial services giant has used the technology with some of its own suppliers.
James Anderson, executive vice president at Mastercard, said: “The business world has accelerated, but the payments that enable it remain stuck in neutral.
“It is solutions and innovations like those being driven by Previse and Mastercard, through banks to their corporate customers, that will help businesses support their suppliers, and liberate them from inefficient processes.”