UK’s fintech startup Triver raises €7.9M to provide SMEs with instant working capital

London-based Triver, a fintech company that provides small businesses with instant capital, announced that it has secured £7M (nearly €7.95M) in a new round of funding led by Stride, a company whose team has backed businesses such as Deliveroo and Zoopla.

Other seed investors in this round include Axeleo Capital and Motive Partners, with scout investment from Andreessen Horowitz and Sequoia Capital. 

Additionally, the round also saw participation from Angel investors, including Triver’s non-executive director Dan Cobley – former Google UK MD and co-founder of ClearScore and Salary Finance.

“Instant capital in a click”

Founded in 2023 by Jerome Le Luel, Triver provides short-term working capital for SMEs, instantaneously and automatically by evaluating the risk of small company borrowing via Open Banking data and AI.

It can offer advances on a company’s customer bills whenever needed, delivering peace of mind that easy access to funds is available. The company says it is quicker and easier than high street banks.

With this automated method, SMEs can rapidly obtain funding up to 20 per cent of their yearly revenue at a cost that is more affordable than other available small company financing solutions. 

Triver says it assesses the possibility of a small business to pay back due to transaction-level analytics.

Founder Jerome Le Luel says, “Existing short-term finance solutions rarely fully satisfy small businesses. Yet it’s not a simple puzzle to solve. SMEs have complex cash flow management and underwriting their credit risk automatically is very hard – it has not been a priority for banks.” 

“But at Triver, we’ve cracked the code. Using Open Banking and AI, we are revolutionising how SMEs access finance and are partnering with digital service providers already trusted by these businesses.”

Triver for partners

For its partners, Triver offers a smooth client experience by combining advanced AI with digital processing. It is intended to be integrated with companies that currently offer digital services to SMEs, such as accounting systems, digital banks, payment processors, and procurement tools.

Fred Destin, Founder at Stride.VC, says, “With millions of small businesses in the UK, there is a huge underserved market for SME finance – primarily due to antiquated lending processes. The right data and technology is now available to radically change this.”

“With Triver, we will make lending to the founders and business owners of the real economy way more efficient and economical. This is a mission we’re delighted to support.”

Jerome Le Luel, adds, “We’re partnering with fintech and SaaS providers who recognise the opportunity for short-term working capital solutions to support their SME clients.”

“Through our API, we provide an embedded solution that will sit on these providers’ own platforms. Not only do we offer the best value short-term financing to SMEs, we also provide a value-share back to partners. By working with us, they can earn additional income without worrying about debt funding and credit risk.”