Privilege has announced that it has closed the first phase of its Series B financing.
UK-based Fintech has raised USD 18 million in new capital, designed for SMEs, to increase the availability of its innovative ‘data-driven’ working capital finance solution.
The round was led by Tencent, the world’s leading technology company, with the participation of existing investors, including Augmentum Fintech and Rifcon.
Between 20 million SMEs and the largest 5,000 corporate buyers worldwide, USD 24 trillion is traded annually. The need for working capital to finance these activities is significant.
Previse’s Artificial Intelligence (AI) based analytics tools mine huge amounts of B2B network data to accurately predict future revenue and pricing risks. As an enabler for its industry, Privis’ solutions combine SMEs with billions of cost-effective capital embedded in existing B2B platforms that businesses use for transactions.
Privilege is uniquely positioned to capitalize on the explicit demand for technology to transform the way businesses trade, pay, and do business with each other. Paul Christensen, co-founder and CEO of Previse, added, “We are delighted to have completed this first episode of our Series B Round, which will allow us to accelerate the adoption of working capital financial solutions. Leading Tencent in our round is a great endorsement of our model and the opportunity we are addressing. “
Previse is a new partner, adding a range of solutions and expanding its geographical reach in 2022, and this additional funding will further support rapid expansion.