Previse has confirmed the closing of the first phase of its Series B financing, raising $18 million in new capital to drive expansion of its solutions.
In particular, the firm aims to improve availability of its ‘data-driven’ working capital finance offersings.
These solutions are focused on boosting the offering of SMEs, as businesses seek to bolster their bounce back following the pandemic.
The round was led by Tencent, a global technology company, along with participation from existing investors including Augmentum Fintech and Reefknot.
Paul Christensen, Co-Founder and CEO of Previse, commented: “We’re delighted to have completed this first phase of our Series B round, which will allow us to accelerate the adoption of our working capital finance solutions. To have Tencent lead our round is a great endorsement of our model and the opportunity we are addressing.”
Previse’s AI based analytical tools mine the vast amount of B2B network data to accurately predict future revenues and price risk. As an enabler for its industry, Previse’s solutions connect SMEs with billions of cost-effective working capital embedded within the existing B2B platforms which businesses use to transact.