UK fintech Triver secures £20m debt facility from Avellinia Capital
- London-based fintech start-up Triver secures £20 million debt facility with Avellinia Capital.
- Triver plans to offer over £200 million in funding annually to SMEs and enhance product development.
- Founded by Jerome Le Luel, former chief risk officer at Funding Circle and global head of risk analytics at Barclays.
- Utilizes open banking data and AI to fulfill small businesses’ short-term working capital needs.
- Claims to provide faster and easier advances on client invoices compared to high street banks.
- Raised £7 million in equity in April with participation from notable investors, including Andreessen Horowitz and Sequoia Capital.
- SMEs grant access to bank data via open banking, appreciating a simpler process without personal guarantees.
- Experiencing significant demand, with the platform granting a new facility within three hours and funding invoices in 2.5 minutes.
- Future plans include forging partnerships in banking, accounting software, insurance, utilities, and foreign exchange sectors.