Triver, a UK-based fintech firm specialising in providing working capital for small and medium-sized enterprises (SMEs), has secured an additional £2.5 million in funding.
This convertible bridge loan, sourced from existing investors, marks a significant milestone for Triver as it continues to bolster its operations and enhance service offerings. With this latest funding round, Triver’s total capital raised now exceeds £9.5 million.
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Triver is leveraging Open Banking data and artificial intelligence (AI) to automate risk assessment processes. Jerome Le Luel, Founder & CEO of Triver, said: “We’re applying new tech to solve a real-world problem.”
Triver’s platform facilitates rapid access to funds for SMEs by advancing payments on client invoices within 20 minutes of application. Additionally, Triver offers cash flow financing through invoice discounting, using unpaid client invoices to generate instant cash flow.
Unlike invoice factoring, where all invoices are sold to a finance provider, invoice discounting allows businesses to selectively advance invoices while keeping the process invisible to clients. This approach enables businesses to maintain effective cash flow management without incurring additional debt.
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By GlobalData
