TRIVER boosts UK SME growth with fresh £2.5m funding round
Summary
TRIVER, a leading SME working capital provider, has successfully secured \xa32.5m from existing investors to fuel its ongoing expansion.This innovative FinTech firm is known for transforming the way small and medium enterprises (SMEs) in the UK access short-term working capital.The funding round comprised a \xa32.5m convertible bridge loan, adding to an impressive funding portfolio which includes an initial \xa37m equity investment announced in April 2023. Additionally, a \xa320m debt facility was agreed upon last year with Luxembourg-based Avellinia Capital.TRIVER is revolutionising the SME finance landscape by leveraging Open Banking data and sophisticated AI technologies. Furthermore, TRIVER has recently entered a strategic partnership with Elcom, a leading procurement platform, to pioneer embedded invoice finance for SME suppliers to the public sector.Founder & CEO Jerome Le Luel commented on the funding, saying, Were applying new tech to solve a real-world problem. The new funding weve announced is further validation of our groundbreaking solution for small business owners. Our vision remains to leverage the latest technology and Open Banking data to provide SMEs with access to cashflow finance at the point of need.Previously, TRIVER raised a total of \xa327m in funding from equity and debt instruments, showcasing strong investor confidence in its business model and growth trajectory.Keep up with all the latest FinTech news here