UK fintech Triver secures £20m debt facility from Avellinia Capital
London-based fintech start-up Triver, which provides working capital to SMEs, has secured £20 million in a debt facility with Avellinia Capital.
Team Triver
Triver says the new facility will enable it to offer more than £200 million in funding annually to small businesses, as well as strengthen its product development. It follows a £7 million equity raise held in April, which saw participation from Andreessen Horowitz, Stride VC, Axeleo Capital, Motive Partners, and Sequoia Capital.
Founded this year by Jerome Le Luel, who was previously chief risk officer at Funding Circle and former global head of risk analytics at Barclays, Triver helps fulfill the short-term working capital needs of small businesses by leveraging open banking data and artificial intelligence (AI). It claims it can provide advances on a business’s client invoices “faster and more easily than high street banks” on any day and at any time.
“The vast majority of SMEs we interact with are willing to grant us access to their bank data via open banking,” says Le Luel. “They’re familiar with this tool because it is commonly used with their accounting software.
“They see the benefit of a simpler process than manually providing bank statements and other data. Nor do they have to make personal guarantees when applying to us.”
Le Luel says Triver is seeing “significant demand”, with claims that the platform grants a new facility “within three hours” of starting an application and funds the invoice in 2.5 minutes.
In coming months, the start-up plans to forge new partnerships in sectors including banking, accounting software, insurance, utilities and foreign exchange.
