NewTech Friday: Previse – Turbo-charging B2B commerce using trading data

What led to the creation of Previse?

We recognized that businesses everywhere were being damaged by B2B payments and finance that are slow and archaic and it was clear that current solutions weren’t working. We made it our mission to ensure that every business in the world can get fast access to the cash they need by unleashing the power of data for B2B commerce, making it efficient and fair for all.

Businesses wait and chase for months to get paid. SMEs struggle to access traditional finance. This is a huge, global, macro-economic inefficiency. And in this day and age, there is a better way. Previse was founded in 2016 by a small group of people who believe that technology can change this, and that the answer is in the data.

We realized the answer to the problem of $125trn of B2B trade lay in the huge amounts of historical data sitting in business networks such as ERP systems, which nobody was looking at.

Can you present Previse’s offer?

Previse has built algorithms to analyze business trading data, enabling us to predict future cash flows. This enables us to deliver radically improved finance to the world’s SMEs.

We are an enabler for existing B2B networks. Products enabled by our infrastructure include flexible cash advances that are driven by business needs and automated day-1 early payments that are not dependent on a buyer’s approval process.

What’s coming next for Previse?

We are offering our platform through an embedded finance approach. Our software embeds into the large existing networks that power B2B commerce so that it becomes ubiquitously available.

Earlier this year, for example, we collaborated with Mastercard to integrate our machine learning into Mastercard Track Instant Pay – the first virtual card solution that can safely and intelligently authorize an immediate payment to a supplier once they submit an invoice.

As our journey continues, it has become apparent that we need to do more to help businesses than simply speeding up invoice payments. So we are taking another step, using our instant payment technology to make future revenue available as a cash advance today. Lots of exciting stuff on the horizon – watch this space!