AI Driven Fintech Completes Funding Round Led by Temasek and Kuehne+Nagel’s VC Firmby Company Announcement April 16, 2020
Previse, an artificial intelligence and data science fintech that gets suppliers paid instantly, announces an USD11 million funding round led by Reefknot Investments and Mastercard, with participation from existing investors Bessemer Venture Partners, Hambro Perks and Augmentum Fintech.
Reefknot is a strategic Venture Capital firm, jointly founded by Temasek Holdings and Kuehne + Nagel, which specialises in investment in and support to transformative logistics and supply chain technology start-ups globally. Reefknot has chosen to invest in Previse due to Previse’s technological capability to transform global commerce, enabling millions of suppliers to be paid instantly upon invoice, rather than having to wait months.
Previse’s artificial intelligence analyses the data of the corporate buyer to detect the very few invoices that need manual intervention, so that the rest are paid instantly.
Payment of invoices by traditional methods often takes months. This is disproportionately damaging to SME suppliers as it reduces their cash flow and limits opportunities for investment and growth. The current crisis has highlighted the devastating cost of this systemic inefficiency.
Previse’s current funding round will support continued growth, as the business rolls out its instant payment technology, InstantPay, to more large corporate buyers all over the world.
Previse is part of Mastercard’s Start Path programme, and Mastercard has used InstantPay with a select group of its own suppliers as part of an ongoing effort to make B2B commerce more efficient and sustainable.
Paul Christensen, Co-founder and CEO at Previse, said:
“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. We give corporates the tools and incentives to do that, at our risk and with 3rd party (bank) capital.”
“Previse is on a mission to get five million suppliers paid instantly, within the next five years, and this funding will help us achieve this goal.
“Reefknot and Mastercard have recognised the benefits InstantPay brings to the economy and have chosen to invest in Previse due to the profound impact it will have on supply chains globally.”
Marc Dragon, Managing Director at Reefknot, said:
“We are excited about supporting the application of Previse’s leadership in using its technology and AI capabilities to transform global commerce.”
“Previse has identified and is addressing a huge problem which affects businesses all over the world, with a solution which is a win-win for suppliers and buyers.
“We are pleased to be part of their journey to promote sustainable supply chains by getting businesses paid instantly.”
Featured image: Paul Christensen, Co-founder and CEO at Previse