Previse
Founded in 2016, Previse is a technology company facilitating instant supplier payments through the use of artificial intelligence technology (AI). It aims to tackle the problem of slow payment terms which is a growing global challenge, particularly for SME suppliers.[1][2]
How it works[edit]
Previse enables buyers to have all their suppliers paid instantly, as soon as the buyer receives an invoice. It uses machine learning technology to root out the invoices which won’t be paid, allowing a funder to pay the rest immediately. The small fee paid by the supplier for instant payment is shared between the buyer, the funder and Previse.[3]
History[edit]
Previse was founded in 2016 to get suppliers paid instantly and tackle the late payments epidemic which causes 50,000 firms in the UK alone to go under each year.[4]
In July 2017, the company raised £2m seed funding, led by Hambro Perks and featuring a range of high profile angel investors.[5] Aviva and Founders Factory also announced Previse was one of five start-ups it was backing as part of its joint fintech programme.[6]
In January 2018, Previse secured an £800,000 R&D grant from Scottish Enterprise, to set up a new development centre in Glasgow. The company has also partnered with The Data Lab, Scotland’s Data Science innovation centre.[7]
In February 2018, Previse welcomed a number of senior figures from industry to its advisory board, including David Tyler, Chairman of supermarket chain J Sainsbury, and John Gildersleeve, Chairman of property group British Land.[8]
In July 2018, Previse was accepted onto the UK Government’s G-Cloud 10 framework, making its instant payments technology available to thousands of government departments across the UK.[9]
In August 2018, Previse raised $7m in a Series A funding round led by listed European FinTech specialist Augmentum FinTech PLC and Bessemer Venture Partners. Hambro Perks also participated alongside existing and new Angel investors.[10]
The company has signed up eight large companies - based in the UK, Australia and the US – including major retail and grocery firms and is engaged with a further hundred organisations who are keen to adopt the technology.[11]
Founders[edit]
Paul Christensen, CEO[12]
David Brown, Chief Product Officer[13]
Dr. Philipp Schoenbucher, Chief Data Scientist[14]
Giulio Rossi, head of analytics and onboarding at Previse[15]
Andre de Cavaignac, Chief Technology Officer[16][17]
References[edit]
- ↑ "Fintech firm Previse targets late-payment problem". BBC.
- ↑ "B2B specialist Previse to create 37 data science jobs in Glasgow". The Scotsman.
- ↑ "FinTech startup Previse closes $7m Series A". UK Tech News.
- ↑ "City grandee takes AI stak". The Times.
- ↑ "AI fintech start-up looking to tackle small business late payments gets seed funding". Startups.
- ↑ "Aviva reveals backing for tech start-ups". Financial Times Adviser.
- ↑ "Previse secures £800K Scottish Enterprise R&D funding to set up Glasgow office". Scottish Business News Network.
- ↑ "Sainsbury's and British Land chairmen join late payments start-up". Financial Times.
- ↑ "Previse announces G-Cloud 10 listing". Open Access Government.
- ↑ "UK paytech Previse gets $7m funding prize". Banking Technology.
- ↑ "Meet The British Fintech Firm Aiming To Solve Europe's Late Payment Crisis". Forbes.
- ↑ "Previse secures £2 million seed funding for AI-based instant B2B payments service for SMEs". Finextra.
- ↑ "PREVISE SECURES £800K SCOTTISH ENTERPRISE R&D FUNDING". BQ Bulletin.
- ↑ "Previse Lands $2.58M For AI-Powered Invoice Financing Platform". PYMNTS.
- ↑ "AI fintech start-up looking to tackle small business late payments gets seed funding". Startups.
- ↑ "AI fintech start-up looking to tackle small business late payments gets seed funding". Startups.
- ↑ "Kenzie mentors". Kenzie Academy. Retrieved 5 September 2018.
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