London-based startup Triver, founded by former Funding Circle executive Jerome Le Luel, has just launched with an $8 million funding round. The company has founded with the mission of providing SMEs with instantaneous working capital, and they plan to do this by utilizing AI to automate invoices. The platform is created to give SMEs access to short-term funds from various financial institutions.
Le Luel has 25 years of experience in the fields of analytics and lending, and promises to use Open Banking data to reduce human involvement. He believes this data will also bring down the cost of lending solutions for the SME market. Triver’s web-based interface can be accessed via an API, and will provide businesses with the ability to take control of payments, reduce manual work, and increase their capital and cash flow.
The platform is expected to launch over the coming months, with plans in place to be a very profitable business by 2027. The funding round that raised the $8 million was backed by Stride, Axeleo Capital, Motive Partners and scout investments from Andreessen Horowitz and Sequoia Capital. The company currently has six employees and is looking to hire up to fifteen more staff in the coming months to work as engineers and operations.
The CEO of Triver, Jerome Le Luel, is a veteran in the financial industry with decades of experience in analytics and lending. He has worked for world-renowned companies such as Barclays and Capital One. He is a strong believer in automation and uses open banking data to reduce manual labor and make businesses more operational.
Triver aims to make the process of receiving short-term funds for SMEs easier and more cost-effective. With thousands of small and medium-sized enterprises (SMEs) in the country, the platform offers simple access to capital, removing the need for lengthy and costly application processes. This will enable business owners to focus on the future of their companies, competing and succeeding in an increasingly competitive market.
