London-based TRIVER secures further €22.9 million in funding. With the deal, which is a €22.9 million debt facility with Avellinia Capital, based in Luxembourg, TRIVER will be able to offer more than £200 million in funding every year to support small firms in the UK and advance its product development.
The €22.9 million round comes after a €8 million equity capital round led by Sequoia Capital, Andreessen Horowitz, Stride VC, Axeleo Capital, and Motive Partners was revealed in April 2023.
After that, in May, TRIVER presented its prototype, and in August, it made a business proposal to pay clients. Over £1 million worth of advanced invoices were previously sent by it. The typical length of funding is 30 days, and the average invoice size is £12,000.
Jerome Le Luel, Founder & CEO, said: “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. 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.”
Small businesses utilising TRIVER can have a new facility within three hours of submitting their application, and funding invoices typically takes two and a half minutes. TRIVER intends to cut this down to less than a minute to advance an invoice and less than ten minutes to open a new facility in the upcoming months.
TRIVER, which launched in 2023, is intended to be integrated into digital service providers that now assist SMEs. These vendors gain from automated, simple-to-integrate processes that simplify the provision of a short-term working capital solution for their clients. Furthermore, they stand to gain a value-share from the usage of TRIVER’s services by its clients.