SME working capital provider TRIVER has secured £2.5 million from existing investors to fund further growth.

The firm leverages open banking data and AI to underwrite the risk of small business borrowing instantly and automatically. It can provide advances on a business’s client invoices 24/7.

The £2.5m convertible bridge loan builds on an initial £7m equity funding announced in April 2023 – involving Stride VC, Andreessen Horowitz, Axeleo Capital, Motive Partners and Sequoia Capital – and a £20m debt facility agreed last year with Luxembourg-based Avellinia Capital.

In its first year of operation, TRIVER has funded more than £20m of invoices supporting over 250 UK SMEs. It claims to take just 20 minutes from initial application to funds appearing in a business’s bank account. 

Banks typically take up to four weeks to open a facility and 24 hours to advance an invoice because of their manual processes, says TRIVER. 

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“We’re applying new tech to solve a real-world problem. SMEs are at the heart of the economy, and we want to help them flourish,” said Jerome Le Luel, founder & CEO.

“The new funding we’ve announced is further validation of our groundbreaking solution for small business owners. Our vision remains to leverage the latest technology and open banking data to provide SMEs with access to cashflow finance at the point of need.”

TRIVER is designed to be embedded within digital service providers already serving SMEs, who can then receive a value-share back when their customers use the service. It also recently partnered with procurement platform Elcom to pioneer embedded invoice finance.

From a founding team of six, TRIVER has expanded its London-based office to 16 people.

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