TRIVER, a fintech company based in London, has successfully raised significant funding to expand its services and redefine how small businesses in the UK access finance. By leveraging Open Banking data and AI technology, TRIVER provides fast and cost-effective financing solutions to SMEs, addressing a critical gap in the marketplace. This new investment not only enhances TRIVER’s capabilities but promises to boost the economic landscape for many small enterprises across the nation.
TRIVER, founded in 2023 by Jerome Le Luel, has secured £114M to aid UK SMEs. This funding includes a £14M Series A equity round led by AlleyCorp, supported by various other investors such as Axeleo Capital and Inkberry Ventures. Additionally, a debt facility has been set up with HSBC Innovation Banking UK and Avellinia Capital, providing TRIVER with substantial financial backing. Historically, TRIVER’s growth has been steady, with the company increasing its debt facility from £20M to £65M, demonstrating its ability to attract investment and confidence in its business model.
Why is TRIVER Different?
TRIVER sets itself apart by offering small businesses quick access to finance compared to traditional banks. Utilizing Open Banking data and advanced AI, TRIVER can assess lending risks swiftly, enabling businesses to receive funding within minutes rather than weeks. The convenience and cost-effectiveness of their services have attracted 1,500 clients, processing over 17,000 invoices worth £180M.
What Do Industry Partners Say?
HSBC Innovation Banking UK has commented on its involvement with TRIVER’s growth journey. Clare Mitchell, Director of Fintech at HSBC Innovation Banking UK, expressed excitement over the partnership, noting that their tools and experience are instrumental for fintechs like TRIVER.
“We’re delighted to be supporting TRIVER with this new facility, enabling the company to continue to scale its cashflow finance offering,” said Clare Mitchell.
The British Business Bank’s backing, through a collaboration with Avellinia Capital, reflects confidence in TRIVER’s approach, which allows UK SMEs to leverage existing invoices for immediate cash flow. This service is crucial for businesses looking to avoid taking additional debt while smoothing out cash flow challenges.
Jerome Le Luel drew attention to the pressure faced by small businesses due to delayed client payments, emphasizing TRIVER’s solution for supplying immediate cash flow without acquiring new debt.
“TRIVER allows these businesses to turn their client invoices into instant cash flow,” noted Jerome Le Luel.
HSBC Innovation Banking supports the expansion with expertise and global networking as part of the HSBC Group. As one of the largest banking organizations worldwide, HSBC provides a robust foundation for TRIVER’s financial services.
By addressing the real economy need for immediate cash flow solutions for suppliers and staff payments, TRIVER enhances its position in the fintech space. As more small businesses face cash flow challenges, the innovative model presented by TRIVER is likely to attract increased interest and adoption. Such funding initiatives are crucial for stimulating growth and financial stability within the sector and are expected to play a significant role in economic recovery efforts.
