TRIVER secures £114m to expand SME cashflow financing

London-based fintech TRIVER has secured up to £114 million in new financing as it looks to scale its working capital services for small and medium-sized businesses in the UK.

*Jerome Le Luel, CEO (centre) and TRIVER leadership team*

The package combines a £14m Series A equity round, led by AlleyCorp with backing from Axeleo Capital, Inkberry Ventures and Stride VC, alongside a debt facility arranged with HSBC Innovation Banking UK and Avellinia Capital. HSBC Innovation Banking has provided £35m with the option to extend by another £35m, while Avellinia has increased its facility to £30m.

The deal brings TRIVER’s total venture capital investment to £21m and raises its combined debt facility from £20m to £65m, with scope to rise to £100m. The company says the funding will allow it to provide up to £1bn annually in invoice financing for UK small businesses. The British Business Bank is supporting part of the facility through its partnership with Avellinia.

Founded in 2023 by former Funding Circle chief risk officer and ex-Barclays executive Jerome Le Luel, TRIVER provides cash advances against unpaid client invoices using Open Banking data and artificial intelligence to automate risk assessment. The company says applications can be approved in minutes, with invoices funded in less than five minutes. Fees start at 1.8% for a 30-day invoice.

Since launch, TRIVER reports financing more than 17,000 invoices worth £180m for around 1,500 clients. The firm has focused on embedding its services within the digital tools already used by small businesses. Its latest partnership is with accounting platform Xero, allowing users to access invoice financing directly through their accounts. Other partners include Birdie, Clear Books, Elcom, and Soldo.

Jerome Le Luel said late payments remain a significant challenge for small firms:

“With 55 days of average payment terms, UK small businesses are constantly owed £150bn in commercial invoices waiting to be paid. TRIVER allows these businesses to turn their client invoices into instant cash flow, at any time, to fund working capital needs.”

Clare Mitchell, director of fintech at HSBC Innovation Banking UK, said the bank’s support would help TRIVER to scale: “We’re delighted to be supporting TRIVER with this new facility, enabling the company to continue to scale its cashflow finance offering to an ever-growing number of small businesses across the UK.”