Fintech lender Triver lands £20m debt facility
Triver was founded by the former chief risk officer at Funding Circle Jerome Le Luel.
Triver has raised a £20m debt facility from Luxembourg-based Avellinia Capital.
The new cash, Triver says, will help it lend £200m of funding annually to small businesses in the UK.
“The vast majority of SMEs we interact with are willing to grant us access to their bank data via Open Banking. They’re familiar with this tool because it is commonly used with their accounting software,” Jerome Le Luel, Trivia’s founder and CEO said.
“They see the benefit of a simpler process than manually providing bank statements and other data. Nor do they have to make personal guarantees when applying to us,” he added.
The London-based fintech lender was founded by Le Luel, Funding Circle’s former chief risk officer from 2015 to 2022, early this year.
Triver uses open banking data to provide short-term working capital to businesses at the 1.8 per cent level and is embedded into existing services used by SMEs such as Funding Options by Tide, Newable, Swoop, Clear Business Finance, and Capitalise.
It raised a £7m funding round in April that saw investors including Stride, Axeleo, Motive Partners, Andreessen Horowitz and Sequoia back the company.
Since then, Triver has launched a prototype and subsequent commercial proposition with its paying customers in August.
It has now advanced invoices with a combined value of more than £1m. The average invoice size is £12,000 and the average duration of funding is 30 days.
"In the current economic climate, we see significant demand from SMEs to access short-term cash flow financing as payment terms extend and banks tighten access to credit. Thanks to continuous access to Open Banking data, we are confident we can manage the credit risk of our customers over the short horizon of their invoices," Le Luel said.