Temasek-backed Reefknot Investments and Mastercard have led a USD 11 million funding round for UK-based fintech firm Previse. The other participating investors are Bessemer Venture Partners, Hambro Perks, and Augmentum Fintech.
This is the second deal sealed by Reefknot Investments after it launched a USD 50 million global fund last year to invest in tech companies in the logistics and supply chain sector. Reefknot is a joint venture between Singapore’s sovereign wealth fund Temasek and Swiss logistics and transport firm Kuehne + Nagel.
Founded in 2016, Previse uses artificial intelligence to analyze the data of corporate buyers to detect the invoices that require manual intervention, allowing the rest to be settled automatically and instantly. The platform claims that it is processing more than 100,000 invoices per day, and that its platform facilitates steady cashflows for SMEs, many of which are struggling during the COVID-19 pandemic.
The funding will allow Previse to achieve its goal of attaining five million clients within the next five years across Europe and Asia, according to co-founder and CEO Paul Christensen.
Reefknot Investments previously said its fund will be used to invest in six to eight high-growth startups around the world, with a focus on startups that specialize in AI and deep tech, digital logistics, as well as trade finance. In October 2019, Reefknot poured an undisclosed amount into UK AI startup Prowler.io.