Fintech backed to 'revolutionise' SME finance

A London-based fintech has secured significant funding to help revolutionise how small businesses access finance.

TRIVER has raised up to £114 million, combining a £14 million Series A equity round and a debt facility with HSBC Innovation Banking UK and Avellinia Capital, enabling the firm to provide £1 billion of funding annually to small businesses.

Launched in 2023, TRIVER uses AI and Open Banking to underwrite invoice finance instantly, offering facilities within ten minutes and funding invoices in under five minutes – much faster and more affordable than traditional banks. 

Since its launch, it has served 1500 clients and financed over 17,000 invoices worth £180 million, maintaining a net promoter score of 94.

Bosses say the funding will enable TRIVER to “accelerate” its growth and help “even more British small businesses to thrive”.

Jerome Le Luel, founder and chief executive of TRIVER, said: “We solve one of the biggest problems in the real economy – suppliers and staff need to be paid on time, yet clients take time to pay.

“With 55 days of average payment terms, UK small businesses are constantly owed £150 billion in commercial invoices waiting to be paid. 

“TRIVER allows these businesses to turn their client invoices into instant cash flow, at any time, to fund working capital needs. 

“This is the most flexible and cost-effective solution to smooth cash flow without taking new debt.

“Using AI and Open Banking, we’ve completely revolutionised how this works while ensuring transactions are secure. 

“The significant financing we’ve announced means we can accelerate our growth and help even more British small businesses to thrive.”

Jerome Le Luel, centre, with the TRIVER leadership team

TRIVER’s platform integrates with digital business tools to streamline finance, with its latest partnership with accounting software Xero enabling clients to turn invoices into instant cash via their accounts. 

Other partners include Birdie, Clear Books, Elcom and Soldo, broadening its reach across SME workflows.

Clare Mitchell, director of fintech at HSBC Innovation Banking UK, added: “We’re delighted to be supporting TRIVER with this new facility, enabling the company to continue to scale its cashflow finance offering to an ever-growing number of small businesses across the UK.

“At HSBC Innovation Banking, we have the tools, experience, and connections to help ambitious fintechs, like TRIVER, through every stage of their growth journey. 

“We’re proud to be working with the TRIVER team, alongside Avellinia Capital as an additional financing partner.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →