UK-based Previse has raised $18 million in a Series B round that will help it expand its footprint around the world. Previse is an SME working capital platform. The funding was led by Chinese giant Tencent with existing investors Augmentum Fintech and Reefknot participating in what is being described as the “first phase” of the Series B so Previse must be expecting more money.
Paul Christensen, co-founder and CEO of Previse, explained that they are well-positioned to “transform the way businesses trade, pay and do business with each other.”
“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 utilizes artificial intelligence (AI) fueled analytical tools to mine data to predict future revenues and price risk.
Previse notes that over $24 trillion of trade is carried out each year and need for working capital finance to fund this activity is significant.