London-based fintech platform Previse has picked up $11 million in a fresh round of financing. The latest round has been led by Reefknot Investments and Mastercard while existing backers that include Bessemer Venture Partners, Hambro Perks, and Augmentum Fintech also participated in the round. The current financing takes the total amount raised by the firm to $21.7 million. In its series A round funding, the firm had raised $7 million from Augmntum Fintech in August 2018.
Founded in 2016 by Andre de Cavaignac, David Brown, Giulio Rossi, Paul Christensen, and Philipp Schoenbucher, Previse uses artificial intelligence to sort out the payment invoicing issues. The firm has launched a service called InstantPay which claims over 100,000 invoices every day.
Mastercard's James Anderson, the EVP, global commercial products talking about the investment in the firm said, “The business world has accelerated, but the payments that enable it remain stuck in neutral. An effort needs to be applied to more strategic work and back-offices need tools to help streamline operations. It is solutions and innovations like those being driven by Previse and Mastercard, through banks to their corporate customers, that will help businesses support their suppliers, and liberate them from inefficient processes.”
Christensen, the co-founder, and CEO of the firm said that “This backing and investment from our new partners will support Previse as our instant payment technology, InstantPay, moves to adoption by more large corporate buyers all over the world. Now, more than ever, it is important to increase the resilience of supply chains and support SMEs that economies across the world depend on. The best way to do this is for large corporates to pay invoices fast.”
The firm aims to reach 5 million businesses in the next five years and the current investment will surely allow them to try and reach that mark.
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