London FinTech startup Previse closed the first phase of its Series B funding round, with $18 million earmarked to expand its offering of working capital finance solutions for small- and medium-sized businesses (SMBs).
The funding round was led by Tencent, with participation from existing investors, including Augmentum Fintech and Reefknot, according to a press release on Tuesday (May 24).
Co-founded in 2016 by CEO Paul Christensen, Previse uses analytic tools powered by artificial intelligence (AI) to mine data and forecast revenues and risk. The startup’s solutions link SMBs to the working capital embedded in existing business-to-business (B2B) platforms.
As part of the startup’s expansion efforts this year, Previse has added multiple partners, developed new solutions, and increased its footprint. The fresh capital will help support further expansion.
“To have Tencent lead our round is a great endorsement of our model and the opportunity we are addressing,” Christensen said.
Following Tencent’s investment in Previse last month as part of this Series B round, the FinTech startup was valued at $91 million, PYMNTS reported.
Last October, Previse partnered with Mastercard to integrate Mastercard Cross-Border Services using Previse’s InstantPay. Companies using InstantPay can send digital payments s to suppliers in more than 100 markets globally and access real-time exchange rates for local currencies.
Previse celebrated the first anniversary of the launch of its Good Business Pays campaign focusing on the “culture of slow payments in the U.K.,” the power of technology to change working capital finance for SMBs worldwide, according to a press release in March.
Payment times can take 120 days, and the Federation of Small Businesses estimated that roughly 50,000 SMBs annually shutter due to a lack of being paid promptly, per the release.