PYMNTS MonitorEdge May 2024

Triver Deploys Experian Solutions to Accelerate Small Business Lending

Experian

Triver, a provider of cash flow financing for small- to medium-sized businesses in the United Kingdom, deployed several Experian data solutions to accelerate onboarding and approvals.

With these solutions, SMBs using Triver’s platform can complete the application and approval process in as little as six minutes, the alternative lender said in a Monday (May 20) press release.

“It is a real game changer and empowers us to make smarter and more accurate decisions in the approval process,” Triver Chief Risk Officer Jenny Holt said in the release. “All we need to ask of businesses is their name and which of the directors is applying for funding, and we can approve applications in just a few minutes.”

Triver’s platform is fully automated and designed to provide advances on business invoices at any time, according to the release.

It’s meant to help British SMBs overcome the challenges they face when accessing borrowing, the release said. Traditionally, these businesses have had to deal with lengthy application processes, the need to submit much paperwork, and an often long wait between approval and receipt of funds.

Triver will be using three types of Experian products: Commercial Delphi Generation 6 commercial credit risk score, commercial credit bureau data on British businesses and their financial health, and know your customer (KYC) products, per the release.

“By using Experian data and solutions, we are helping Triver support their customers in a way that was previously not possible, deploying technology to make a real and tangible difference to businesses across the country,” Eduardo Castro, managing director of business information at Experian UK&I, said in the release.

The announcement comes about six months after Triver secured an additional 20 million pounds (about $25 million) in debt facility from Avellinia Capital and said the funding would allow it to offer over 200 million pounds (about $251 million) of funding annually.

Triver uses open banking data and artificial intelligence to underwrite the risk of small business borrowing instantly and automatically.

“[SMBs] see the benefit of a simpler process than manually providing bank statements and other data,” Triver founder and CEO Jerome Le Luel said at the time.

For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.