SME working capital provider TRIVER has announced it has secured up to GBP 114 million to optimise how UK small businesses can access finance.
The fintech company uses Open Banking data and AI to instantly and automatically assess the risk of SMEs borrowing. More efficiently than high street banks, TRIVER can provide advances on a business’s client invoices 24/7, offering easy access to capital when needed.
With TRIVER, SMEs get a new feature within 10 minutes of starting their application, and invoices are funded in a few minutes, unlike banks that typically take up to 4 weeks to open a facility and 24 hours to advance an invoice due to their manual processes. TRIVER’s fees start at 1.8% for a 30-day invoice, making it an optimal choice.
TRIVER’s funding round
TRIVER’s GBP 114 million financing is part equity, with a GBP 14 million Series A round led by AlleyCorp, with the support of Axeleo Capital, Inkberry Ventures, Stride VC, and others, and part debt facility secured with HSBC Innovation Banking UK and Avellinia Capital. HSBC Innovation Banking has provided GBP 35 million in debt financing, with an additional GBP 35 million potentially available in the future, subject to credit approval. At the same time, Avellinia Capital has extended its facility to GBP 30 million.
It brings TRIVER’s total VC investment to date to GBP 21 million and increases its combined debt facility from GBP 20 million to GBP 65 million, potentially rising to GBP 100 million. This will enable TRIVER to offer GBP 1 billion of funding annually to help small businesses in the UK. The facility is backed by the British Business Bank through its partnership with Avellinia Capital, aiming to boost funding for UK fintech lenders.
TRIVER was founded in 2023 and currently serves 1.500 clients, having financed 17.000 invoices worth GBP 180 million since its launch. Its API platform integrates optimally with the digital service providers SMEs already rely on to run their businesses.
