London-based fintech Triver has secured an additional £20 million in debt financing from Avellinia Capital, a Luxembourg-based firm. This funding will empower Triver to extend its annual offering to over £200 million, aimed at supporting small businesses in the UK and advancing its product development initiatives.
This recent funding round comes on the heels of the £7 million equity investment secured earlier this year, with notable backers such as Andreessen Horowitz, Stride VC, Axeleo Capital, Motive Partners, and Sequoia Capital.
Founded in 2022 by Jerome Le Luel, a former Chief Risk Officer at Funding Circle and global head of risk analytics at Barclays, Triver is at the forefront of transforming the landscape for small and medium-sized enterprises (SMEs) seeking financial solutions. Leveraging Open Banking data and advanced AI, Triver facilitates the rapid and automated underwriting of short-term working capital for small businesses, outpacing traditional banks in terms of speed and accessibility. The platform enables businesses to receive advances on client invoices around the clock, providing a seamless and reliable avenue for accessing capital.
Triver’s innovative approach is designed to integrate seamlessly into digital service providers catering to SMEs. These providers can easily incorporate Triver’s automated processes to offer short-term working capital solutions to their clients. Since its launch, Triver has gained traction, signing on 11 distribution partners, including Funding Options by Tide, Newable, Swoop, Clear Business Finance, and Capitalise.
Jerome Le Luel, the Founder & CEO of Triver, highlighted the willingness of SMEs to embrace Open Banking as a tool for simplifying the application process. He emphasized the advantages of a streamlined process that eliminates the need for manual submission of bank statements and other data, while also eliminating the requirement for personal guarantees during the application process.
Avellinia Capital expressed pride in supporting Triver on its journey to becoming a significant funding provider for UK SMEs. Christoph Pfundstein, a Partner at Avellinia Capital, commended Triver’s proven model, anticipating a transformation in the SME finance market in terms of user experience, decisioning speed, and competitive pricing. Compared to traditional bank offerings, Triver boasts a more expedited approval process and attractive pricing, charging only 1.8% for a 30-day term as opposed to the typical 2% to 4%.
Le Luel acknowledged the heightened demand from SMEs for short-term cash flow financing in the current economic climate, where payment terms extend, and traditional banks tighten credit access. He expressed confidence in Triver’s ability to manage credit risk effectively through continuous access to Open Banking data, particularly within the short horizon of invoice cycles.
Steve Green, Director at Clear Business Finance, attested to the positive feedback from customers who have utilized Triver’s services, emphasizing the streamlined process, speed, and excellent value offered by the platform. With this robust proposition, it is anticipated that Triver’s instant capital delivery will gain popularity among businesses seeking efficient and effective financial solutions.
