Previse, a fintech that aims at enabling suppliers receive faster payments, has recently announced that it has secured about $11 million in a new round of funding that was led by Reefknot Investments as well as Mastercard. Various other returning investors such as Hambro Perks, Augmentum and Bessemer Venture Partners had also participated.

For the record, Previse was founded the year 2016 and possesses nearly 100,000 invoices every day, currently building a goal to be able to handle major payments of about five million suppliers by the coming five years.

Apparently, the round brings the total funds raised by Previse up to over $21.8 million and shall be utilized for the expansion of the company’s InstantPay product to a larger number of corporate buyers worldwide. Previse has been participating in the Start Path of Mastercard accelerator program. Kuehne + Nagel along with Temasek Holdings made Reefknot in the previous year to be able to invest in supply chain and logistics startups.

Previse CEO and founder, Paul Christensen stated that InstantPlay lets the corporate buyers transfer payments faster to the suppliers by having used technology that is based on machine learning to analyze the historical data as well as predict the invoices that can be immediately paid and the ones that have to be checked manually and bear high risks.

A large number of buyers use traditional invoice payment methods that take up about months to complete, which puts a major pressure on the flow of cash for both small and medium-sized businesses. This will be on account of the corporate policy combination that cover a number of administrative tasks including checking, approving, inputting, among others and the terms and conditions regarding a sale.

These transactions can be helped by InstantPay as it can lower the timeframe to just a day, and quick payment is needed now more than ever during this pandemic situation.

Source Credit- http://technewsuniverse.com/fundings-and-exits/financial-tech-startup-previse-raises-11-million-to-help-suppliers-get-paid-faster/