Previse enables buyers to have all their suppliers paid instantly, as soon as the buyer receives an invoice. It uses machine-learning technology to root out the invoices which are unlikely to be paid, allowing a funder to pay the rest immediately. The small fee paid by the supplier for instant payment is shared between the buyer, the funder and Previse.
Slow business-to-business (B2B) payments cost large buyers due to the fact that a supplier’s expensive cost of borrowing is priced into the cost of the goods or services supplied. Large buyers are also perceived to be taking advantage of their suppliers and are facing a growing public and political backlash as a result.
According to the press release, since its founding in 2016, Previse has signed up seven large organisations as well as received important demand for its InstantPay technology from some large companies.
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