Enterprise technology conglomerate Oracle is giving a B2B FinTech a boost of support through its startup mentorship program.
Invoice finance and supplier payments company Previse announced Wednesday (December 5) that it will join Oracle’s ScaleUp Ecosystem, a program linking tech startups to high-growth companies to support their expansion and foster co-development. The collaboration will link Previse to the 430,000 enterprise clients currently within the Ecosystem, the firm said, while Oracle will also provide “mentorship and operational assistance” to Previse.
“We have a very ambitious mission: to ensure every supplier can be paid instantly and at the fairest rate,” said Previse Head of Innovation David Brown in a statement. “We want to completely reshape global B2B commerce to cut out the inefficiencies of payment terms, unlocking $650 billion every year.
“We’ve built the technology to do it and now we are looking to partner with the best organizations to help scale Previse and bring InstantPay to the world,” he continued, referring to Previse’s solution that enables vendors to receive “cash on delivery.”
Brown added that “Oracle has unparalleled scale, experience and expertise when it comes to delivering technology to global enterprises.”
In an interview with PYMNTS earlier this year, Previse Co-Founder Paul Christensen told Karen Webster that the company wants to use the credit card model for the accounts payable departments, allowing for vendors to be paid more quickly while still providing corporate buyers more time to pay their invoices. The company’s platform provides a network that enables banks to authorize a transaction so suppliers can be paid when an invoice is sent, while buyers can wait to repay the bank until invoices have been processed.
Investors backed the company’s solution with $2.58 million last year led by Hambro Perks, with Founders Factory also participating. At the time, Previse Co-Founder and Chief Data Scientist Philipp Schoenbucher pointed to the company’s ability to deploy machine learning and Big Data technology to mitigate risk as a key aspect of the Previse solution that attracted investor attention.