London FinTech Previse has raised £14.4 million in a Series B funding round led by Tencent.
The capital will expand the availability of its ‘data-driven’ working capital finance solutions, designed for SMEs.
Existing investors including Augmentum Fintech and Reefknot also participated.
Previse claims its artificial intelligence-based analytical tools mine the vast amount of B2B network data to accurately predict future revenues and price risk.
As an enabler for its industry, Previse’s solutions connect SMEs with billions of cost-effective working capital embedded within the existing B2B platforms which businesses use to transact.
“We’re delighted to have completed this first phase of our Series B round, which will allow us to accelerate the adoption of our working capital finance solutions,” said Paul Christensen, co-founder and CEO.
“To have Tencent lead our round is a great endorsement of our model and the opportunity we are addressing.”
Previse says it has added a range of new partners, solutions and increased its geographic reach in 2022 and this additional funding will further support the rapid expansion.