Previse is a fintech startup focused on helping suppliers get faster payment. It has pioneered algorithm-driven invoice payment decisions.
Previse's goal is to handle payments for five million suppliers within the next five years.
Previse was co-founded in 2016 by Paul Christensen, Philipp Schoenbucher, Andre de Cavaignac, Giulio Rossi and David Brown. The company is headquartered in London, United Kingdom, with offices in Glasgow and Edinburgh.
Previse's smart tech analyses the data of a large company to predict the very few invoices that are unlikely to get paid, so that the rest can be paid instantly.
Previse's flagship product, InstantPay allows corporate buyers to send quick payments to suppliers by using machine-learning based technology to analyze historical data and predict which invoices can be paid immediately, and which ones are potentially higher risk and need to be checked manually.
Previse currently processes about 100,000 invoices a day. The 1% fee paid by suppliers who opt for instant payment is shared between the buyer, the funder and Previse.
Previse is backed by Reefknot Investments, Mastercard, Bessemer Venture Partners, Hambro Perks and Augmentum Fintech. The company raised $11M in a new round of funding on April 16, 2020. This brings Previse's total funding to $21.8M to date.