Previse, a business that helps SMEs and larger business to business (B2B) companies get paid quicker, has raised the funding from European investor Augmentum Fintech PLC and US venture capital firm Bessemer Venture Partner along with other backers.

According to Previse, the funding will be used to develop its product which utilises machine learning to help companies pay suppliers instantly on receipt of an invoice, thus reducing inefficient payment terms that cost the world’s businesses $300 billion each year.

Although based in London the company has a presence in Edinburgh. Earlier this year, with a £800,000 grant from Scottish Enterprise the company was established a new base in Glasgow, creating 37 new jobs. With this fresh injection of cash, it is expected the company will soon add to its workforce. The firm’s financial backers also include Hambro Perks and John Gildersleeve.

Software Will Help Reduce B2B Payment Inefficiencies

Paul Christensen, co-founder and chief executive of Previse has said that the firm has enjoyed great interest from customers since launching: “Among chief financial officers at large corporations, there is a real understanding of the huge inefficiencies in the current B2B commerce model and a desire for a solution.

“With this funding, we will be able to grow our model to meet this demand and ensure that every supplier in the world has the option to be paid instantly.”

Tim Levene, chief executive at Augmentum Fintech which has invested in businesses including Zopa, Interactive Investor and Seedrs, said: “When we are selecting fintech companies to invest in, as well as looking for new, highly scalable business concepts, we are also looking for an extraordinary management team.

“Previse has brought together a talented, resilient and dynamic team with world-class expertise in trade finance, data science and technology. This is exactly the team to bring instant payments to the world of B2B commerce.”