There is a revolution going on in global B2B commerce to move all payments to instant payment lead by Previse with their platform which enables supplier payment decisions to be made by artificial intelligence. Previse’s strategic dream is to enable all payments to be paid instantly using their AI understanding of the risk profile of each supplier to enable buyers to be able, if they want for all their suppliers, to safely pay them the day they issue their invoice, or from receipt of purchase order, at a attractive financing rate, see below:
Source & Copyright©2018 - Previse
Instead of limiting their early payment service to a few suppliers, some of the time, Previse are enabling companies to offer all suppliers an extension of their payment payment duration, at a fair rate, with payment from date of:
- Purchase order
- Invoice receipt
- Invoice approval
Or full payment when the invoice is settled. AND to increase the volume of the transactions covered.
To develop their service globally Previse have and will need to attract further funding. The latest round of financing, announced today:
- “We are very pleased to announce that we have raised US$7m in a Series A funding round led by listed European fintech specialist, Augmentum Fintech PLC and one of the world’s pre-eminent venture capital firms, Bessemer Venture Partners. It also includes participation from Hambro Perks and existing and new angel investors.”
Previse’s mission and thinking big
Today’s Previse Press Release continues, “This funding will accelerate our mission to ensure that every supplier in the world can be paid instantly, at the fairest rate. Slow B2B payments, caused by inefficient payment terms, cost the world’s businesses US$300 billion every year.”
In the UK market Previse are thinking big, tackling the large buyers first, e.g. Previse has been accepted onto the UK government's procurement platform, making its instant payments technology available to thousands of UK government departments.
CTMfile take: Artificial intelligence is being used increasingly in collections and payments. Previse aren’t the only ones to be using AI to improve efficiencies, e.g. HighRadius AI based service is used by Citi in their Smart Match service. However, Previse is the only supplier solely focusing on tackling late payments, the biggest problem in B2B commerce today.
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