UK fintech Previse has closed the first phase of its series B financing round, raising $18 million.
Previse, based in London, plans to expand the availability of its data-driven working capital finance solutions, designed for small- and medium-sized businesses.
The fintech targets the working capital finance required to fund the $24 trillion+ of trade carried out each year between 20 million small- and medium-sized businesses and the largest 5,000 corporate buyers globally.
Previse’s artificial intelligence-based analytical tools mine enterprise network data to accurately predict future revenue and price risk, as its solutions connect businesses with working capital embedded within the existing platforms that they use to transact.
Technology company Tencent led the series B round, with participation from existing investors including Augmentum Fintech and Reefknot.
Paul Christensen, co-founder and chief executive officer at Previse, said: “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.”