UK’s Previse raises $18m in Series B round
London-based fintech Previse has raised $18 million in the first phase of its Series B financing, which will be used to expand its solutions for small and medium-sized enterprises (SMEs).
The round was led by Tencent with participation from existing investors including Augmentum Fintech and Reefknot.
Previse leverages artificial intelligence (AI) to analyse B2B network data and predict future revenues and price risk.
The company enables firms to offer flexible cash advances and automated day-one early payments not dependent on a buyer’s approval process.
The fintech says it is “uniquely positioned to capitalise on the clear demand for technology to transform the way businesses trade, pay and do business with each other”.
Paul Christensen, co-founder and CEO of Previse, says that the funding will allow the company to accelerate the adoption of its working capital finance solutions.
Previse claims to have added new partners and increased its geographic reach this year, adding the new funds will help boost its “rapid expansion”.