TRIVER, a London-based fintech, has secured new funding to expand its cash flow finance services for UK small businesses.

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London-based TRIVER, an SME working capital provider, has announced it has secured up to £114M (nearly €130.51M) to change how UK small businesses access finance.

The £114M financing includes a £14M (nearly €16M) Series A equity round led by AlleyCorp, with participation from Axeleo Capital, Inkberry Ventures, Stride VC, and others. It also includes a debt facility arranged with HSBC Innovation Banking UK and Avellinia Capital. 

HSBC Innovation Banking has provided £35M (nearly €40M) in debt financing, with an additional £35M (nearly €40M) available in the future, subject to credit approval. Avellinia Capital has extended its facility to £30M (nearly €34.31M).

Clare Mitchell, Director, Fintech at HSBC Innovation Banking UK, says, “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.”

TRIVER’s total venture capital investment to date now stands at £21M, and its combined debt facility has increased from £20M to £65M, with potential growth to £100M. 

The funding will allow TRIVER to provide £1B of funding annually to small businesses in the UK. The facility includes support from the British Business Bank through its partnership with Avellinia Capital to support funding for UK fintech lenders.

Transforming how small businesses can access finance

TRIVER is a fintech company founded in 2023 by Jerome Le Luel and his team. Jerome previously worked at Funding Circle and Barclays in risk management roles. 

The fintech company helps small businesses access finance quickly. It uses Open Banking data and AI to automatically assess the risk of lending to a business. This allows TRIVER to provide funding faster than traditional banks. 

Small businesses can receive a borrowing facility within about 10 minutes of applying, and invoices are usually funded in under 5 minutes. By comparison, banks can take up to four weeks to open a facility and a day to fund an invoice. TRIVER’s fees start at 1.8 per cent for a 30-day invoice, making it fast and affordable.

Since its launch, TRIVER has served 1,500 clients and financed over 17,000 invoices, totalling £180M. It tracks customer satisfaction through the Net Promoter Score, which currently stands at 94, indicating that customers return to use its services.

TRIVER’s platform integrates with software and services that small businesses already use. For example, a partnership with Xero allows users to turn invoices into cash directly through Xero. Other partners include Birdie, Clear Books, Elcom, and Soldo. 

The company also works with over 200 SME lending brokers and is developing additional partnerships with software and service providers that form part of small business workflows.

Jerome Le Luel, founder & CEO, says, “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 £150B 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.”

Brief about HSBC Innovation Banking

HSBC Innovation Banking provides commercial banking services, expertise, and insights to the technology, life sciences, healthcare, private equity, and venture capital sectors. It is a subsidiary of HSBC Group and uses the resources, credit rating, and global network of the parent company to support its clients. 

HSBC Holdings plc, the parent company, is headquartered in London and operates offices in 57 countries and territories. HSBC had assets of $3,214B, making it one of the largest banking and financial services organisations in the world.