Previse, a fintech that aims to reimagine B2B e-commerce with AI, has completed a $11 million raise led by Reefknot Investments and Mastercard, the startup announced in a statement on Thursday.
The pair join existing investors Bessemer Venture Partners, Hambro Perks and Augmentum Fintech, which also participated in the round, bringing Previse's total funding to date to over $21.8 million.
Founded in 2016, Previse gives large corporates the tools and incentives to pay invoices fast, at its own risk and with third-party (bank) capital. It leverages artificial intelligence to analyze the data of the corporate buyer to detect the few invoices that need manual intervention, so that the rest are paid instantly.
Helping Cash Flow
Payment of invoices by traditional methods often take months, which is disproportionately damaging to SME suppliers as it reduces their cash flow and limits opportunities for investment and growth, Previse explained. «The current crisis has highlighted the devastating cost of this systemic inefficiency,» it said in the statement.
According to the firm, it currently processes over 100,000 invoices per day.
Previse is also is part of Mastercard’s StartPath program, and its InstantPay technology is being used by a select group of Mastercard's own suppliers as part of an ongoing effort to make B2B commerce more efficient and sustainable, the release said.
Strategic VC Firm
Singapore-headquartered Reefknot Investments is a «highly strategic venture capital firm» that specializes in investing and supporting transformative logistics and supply chain technology start-ups globally.
Marc Dragon, managing director, Reefknot Investments
The firm was founded in 2018 as part of a tie-up between Singapore state investor Temasek and global freight forwarder and logistics provider Kuehne + Nagel.
The firm is led by supply chain logistics veteran Marc Dragon(pictured above), and runs a $50 million fund for startups in this field. Its investment in Previse is its second major global deal.
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