Martin Cole
Key Takeaways:
– Triver has raised £7 million in seed funding to provide short-term working capital to SMEs using open banking data and AI.
– The funding round was backed by Stride, Axeleo Capital, and Motive Partners, with scout investment from Andreessen Horowitz and Sequoia Capital.
– Triver offers advances on business invoices, allowing SMEs to access finance instantly and at a more competitive rate than other options in the market.
– The company aims to embed its solution within digital service providers already serving SMEs, such as accounting platforms, digital banks, payment providers, and procurement tools.
– Triver also offers a value-share back to partners, allowing them to earn additional income without worrying about debt funding and credit risk.
Introduction to Triver
Triver, a London-based startup, has recently secured £7 million in seed funding to revolutionize the way SMEs access working capital. By leveraging open banking data and AI, Triver aims to provide short-term financing solutions to small and medium-sized enterprises, enabling them to thrive in today’s competitive business landscape.
The Funding Round
The successful funding round was led by prominent investors, including Stride, Axeleo Capital, and Motive Partners. Additionally, renowned venture capital firms Andreessen Horowitz and Sequoia Capital participated as scout investors, recognizing the potential of Triver’s innovative approach to SME financing.
Advancing Business Invoices
Triver’s core offering revolves around providing advances on business invoices. This means that SMEs can access much-needed funds instantly, without having to wait for their invoices to be paid. This can be a game-changer for small businesses that often face cash flow challenges due to delayed payments from clients.
Competitive Advantage
What sets Triver apart from traditional financing options is its use of open banking data and AI. By analyzing a company’s financial data, Triver can assess its creditworthiness and offer financing at a more competitive rate than other alternatives in the market. This not only provides SMEs with access to capital but also helps them save on interest costs.
Integration with Digital Service Providers
Triver aims to embed its financing solution within existing digital service providers that cater to SMEs. This includes accounting platforms, digital banks, payment providers, and procurement tools. By integrating with these platforms, Triver can reach a wider audience of SMEs and streamline the financing process, making it more convenient and accessible.
Value-Share Back to Partners
One unique aspect of Triver’s business model is its value-share back to partners. This means that digital service providers who integrate Triver’s solution can earn additional income without taking on the risk associated with debt funding and credit assessment. This mutually beneficial arrangement incentivizes partners to promote Triver’s services and further expands the company’s reach.
Conclusion
Triver’s successful seed funding round and innovative approach to SME financing position the company as a key player in the industry. By leveraging open banking data and AI, Triver offers SMEs a faster and more competitive way to access working capital. Through partnerships with digital service providers, Triver aims to reach a wider audience and provide seamless financing solutions to businesses in need. With its value-share back to partners, Triver creates a win-win situation for all stakeholders involved. As the company continues to grow and expand its services, it is poised to make a significant impact on the SME financing landscape.
