Triver, a digital start-up, has secured nearly £100m in new funding to support its growth and provide small businesses with credit decisions within minutes. Founded in 2023, Triver recently completed a £14m Series A equity fundraising led by US-based investor AlleyCorp. Existing investors such as Axeleo Capital, Inkberry Ventures, and Stride VC also participated in the equity-raise. Additionally, Triver secured £35m in debt financing from HSBC Innovation Banking, with another £35m potentially available in the future.
Jerome Le Luel, the founder of Triver and a former executive at Funding Circle, established the company to address the challenges faced by SMEs, including unfavorable payment terms and a lack of financial management expertise. By utilizing Open Banking data, Triver aims to provide digital solutions to help fund SMEs’ working capital requirements. The company’s board members include Dan Cobley, a former Google UK managing director and co-founder of fintechs ClearScore and Salary Finance.
Triver’s innovative approach allows businesses to convert client invoices into instant cash flow to meet their working capital needs. Since its inception, Triver has built a client base of over 1,500 businesses and funded more than 17,000 invoices totaling approximately £180m. The company prides itself on providing a quick and efficient service, with SME clients typically receiving a new facility within ten minutes of starting their application.
Compared to traditional high street banks, which can take up to four weeks to open a facility and 24 hours to advance an invoice, Triver offers a streamlined process. Clare Mitchell, director of fintech at HSBC Innovation Banking UK, emphasized that the new debt facility will enable Triver to expand its cashflow finance offering to a growing number of small businesses across the UK.
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