TRIVER and Experian to Boost Lending to SMEs

Businesses looking for short-term capital can access funding in rapid time thanks to a new partnership between Experian and alternative lender, TRIVER.

TRIVER aims to enhance the SME lending process “by underwriting the risk of small business borrowing quickly and easily, providing advances on business invoices at any time.”

To meet that goal, it has now “deployed a host of Experian data solutions to offer an end-to-end automated application and approval journey which can be as quick as six minutes.”

SMEs face a number of challenges when it “comes to accessing borrowing, including lengthy application processes, the requirement for significant paperwork to be submitted, and often then a substantial wait between the loan being approved and receiving the funds.”

Eduardo Castro, Managing Director, Business Information, Experian UK&I, said:

“SME business lending is a vital component to the success of the economy but latest figures shows that gross lending fell by more than a fifth in 2023. By using Experian data and solutions, we are helping TRIVER support their customers in a way that was previously not possible, deploying technology to make a real and tangible difference to businesses across the country.”

Jenny Holt, Chief Risk Officer, TRIVER, said:

“As a new fintech we have the opportunity to build a solution from scratch that fully utilises the latest digital solutions and data. We knew Experian could provide the expansive data sources to support a fully automated solution. It is a real gamechanger, and empowers us to make smarter and more accurate decisions in the approval process. All we need to ask of businesses is their name and which of the directors is applying for funding, and we can approve applications in just a few minutes. It is a vital tool for us to go live and to identify those small businesses we can support.”

Solutions TRIVER will be using “include Commercial Delphi Generation 6 -Experian’s newest commercial credit risk score used to calculate the viability of businesses over a 12-month period – Commercial Credit Bureau data, the market-leading source of information on British businesses and their financial health and Know Your Customer (KYC) products.

As covered, Experian is a global data and technology company, “powering opportunities for people and businesses around the world.”

They help to redefine “lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software.”

They also assist millions of people “to realise their financial goals and help them to save time and money.”

They operate across a range of markets, “from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments.”

They invest in talented people and “new advanced technologies to unlock the power of data and innovate. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland.”

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