Previse raise US$11 million in funding round

London based AI fintech, Previse has raised US$11 million in a funding round which was led by Reefknot Investments and Mastercard, along with Bessemer Venture Partners, Hambro Perks and Augmentum Fintech.

Previse’s technology uses Artificial Intelligence (AI) to manage clients invoices and arrange for payouts on invoices. The company’s platform is currently handling 100 million invoices and the firm is planning to reach five million businesses in the next five years.

“This backing and investment from our new partners will support Previse as our instant payment technology, InstantPay, moves to adoption by more large corporate buyers all over the world. Now, more than ever, it is important to increase the resilience of supply chains and support SMEs that economies across the world depend on,” said Co-founder and CEO at Previse Paul Christense.

This funding will help the company’s growth. Previse is part of Mastercard’s Start Path Programme and Mastercard has used InstantPay with a select group of its suppliers as part of an ongoing effort to make B2B commerce more efficient and sustainable.

Adding further the CEO of Previse said “Reefknot and Mastercard have recognized the benefits InstantPay brings to the economy and have chosen to invest in Previse due to the profound impact it will have on supply chains globally.”