Triver, a London-based startup utilizing open banking data and AI to offer short-term working capital to SMEs, has successfully secured £7 million in seed funding.
The funding round saw participation from investors such as Stride, Axeleo Capital, and Motive Partners, along with scout investments from Andreessen Horowitz and Sequoia Capital. Among the angel investors is Dan Cobley, Triver’s non-executive director, who is a former MD of Google UK and a co-founder of ClearScore and Salary Finance.
Founded by Jerome Le Luel, who previously served as chief risk officer at Funding Circle and global head of risk analytics at Barclays, Triver facilitates SMEs’ short-term working capital needs by providing advances based on client invoices with just a few clicks.
Le Luel notes that SMEs can access financing up to 20% of their annual turnover instantly and at rates more competitive than many other options available in the market.
“Current short-term finance solutions often fall short of meeting the needs of small businesses,” he explains. “However, it’s a complex challenge to address. SMEs manage intricate cash flows, and automating the underwriting of their credit risk is difficult—something banks have frequently overlooked. But at Triver, we’ve found a solution.”
Triver leverages transaction-level insights and is designed to integrate seamlessly with digital service providers that already cater to SMEs, including accounting platforms, digital banks, payment providers, and procurement tools.
Le Luel further elaborates: “We are collaborating with fintech and SaaS providers who see the potential for short-term working capital solutions to enhance their SME offerings. Through our API, we deliver an embedded solution that resides on these providers’ platforms. Not only do we offer superior short-term financing to SMEs, but we also create a value-share opportunity for our partners, allowing them to generate additional income without the complexities of debt funding and credit risk.”