Invoicing start-up Previse has raised £2m ($2.6m) in seed capital to develop its proprietary artificial intelligence (AI) platform for supporting instant payments between big corporates and SMEs. Previse's AI platform puts a score on the probability that a corporate buyer will pay a supplier's invoice. The score is then sent to banks and asset managers, which pay the supplier on the buyer's behalf in exchange for a small fee taken from the supplier's invoice. Previse aims to make B2B payments fast and frictionless so SMEs don't lose money covering late invoice payments with expensive short-term credit, said CEO Data Scientist.
Invoicing start-up Previse has raised £2m ($2.6m) in seed capital to develop its proprietary artificial intelligence (AI) platform for supporting instant payments between big corporates and SMEs. Previse's AI platform puts a score on the probability that a corporate buyer will pay a supplier's invoice. The score is then sent to banks and asset managers, which pay the supplier on the buyer's behalf in exchange for a small fee taken from the supplier's invoice. Previse aims to make B2B payments fast and frictionless so SMEs don't lose money covering late invoice payments with expensive short-term credit, said CEO Paul Christensen.