Triver, a working capital provider for small- to medium-sized businesses (SMBs) in the United Kingdom, has secured an additional 20 million pounds (about $25 million) in debt facility from Avellinia Capital.
This funding will enable Triver to offer over 200 million pounds (about $251 million) of funding annually and further develop its product offerings, the company said in a Tuesday (Nov. 21) press release.
Triver said it has the ability to provide advances on a business’s client invoices 24/7, according to the release.
Leveraging open banking data and artificial intelligence (AI), Triver can underwrite the risk of small business borrowing instantly and automatically, providing faster and easier access to capital compared to banks, the release said.
“[SMBs] see the benefit of a simpler process than manually providing bank statements and other data,” Triver Founder and CEO Jerome Le Luel said in the release. “Nor do they have to make personal guarantees when applying to us.”
Since its commercial launch in August, Triver has advanced invoices with a combined value of more than 1 million pounds (about $1.25 million), according to the press release. The average invoice size is 12,000 pounds (about $15,034), and the average duration of funding is 30 days.
Small businesses that use Triver can expect to receive a new facility within 3 hours of starting their application, and invoices are typically funded within 2.5 minutes, the release said. Triver aims to further reduce these processing times to less than 10 minutes to open a new facility and less than 1 minute to advance an invoice.
The funding provided by Triver comes at a more competitive rate compared to traditional banks, with interest rates starting at 1.8% for a 30-day term, per the release.
Triver has already established partnerships with 11 distribution partners, including commercial brokers and lending platforms, according to the release. The company is also in discussions with prospective partners in other sectors, including banks, accounting software, insurance, utilities, and foreign exchange, with plans to launch more partnerships in the coming months.
PYMNTS reported in April that 16% of U.K. SMBs were using open banking products, five years after the country adopted open banking regulation.
Small business use of open banking is largely “dominated by data-driven account information services (AIS), which allow firms to see multiple accounts in one place, providing valuable real-time insights for cash flow and forecasting,” Open Banking Limited said at the time.