Previse, a London, UK-based provider of AI-powered instant B2B payments service for SMEs, raised £2M in seed funding.
The round was led by Hambro Perks with participation from Founders Factory and angel investors.
The company intends to use the funds to continue to develop its proprietary artificial intelligence (AI) solution.
Led by co-founder and CEO Paul Christensen, and Chief Data Scientist and co-founder Philipp Schoenbucher, Previse is designed to support instant payments between large corporates and SMEs. As soon as the invoice is issued, the solution uses advanced AI and hundreds of millions of data points to score the likelihood that a corporate buyer will ultimately pay a supplier’s invoice. Previse provides the score to funders, principally banks and asset managers, which pay the supplier instantly on the buyer’s behalf.
In exchange, suppliers offer a small discount on their invoices.