SINGAPORE (Apr 16): Temasek-backed venture capital fund Reefknot Investments has just put forth an investment in UK-based start-up Previse.
Together with other investors such as global financial services provider Mastercard, Reefknot is investing US$11 million ($15.7 million) in the company.
To Reefknot, this is a worthy investment given Previse’s ability to ensure a more seamless payment of e-commerce suppliers, upon receipt of an invoice. It is unlike the traditional payment pattern of payment coming in months after the transaction is completed.
The start-up taps on its artificial intelligence software to detect in real-time invoices that require manual intervention, thereby speeding up the process. This way, it reduces suppliers’ cash flow discrepancies from delayed payment.
“Previse has identified and is addressing a huge problem which affects businesses all over the world, with a solution which is a win-win for suppliers and buyers,” says Marc Dragon, Managing Director at Reefknot.
Jointly founded by Singapore’s sovereign fund Temasek Holdings and the Switzerland-headquartered transport company Kuehne + Nagel, Reefknot invests and supports start-ups involved in the supply chain.
Looking ahead, Previse says it will use the funds raised to support its upcoming instant payment technology, Instantpay, by rolling it out to more large corporations globally.
Having used this platform with some suppliers, Mastercard believes it potentially makes B2B commerce efficient and sustainable.
“The business world has accelerated, but the payments that enable it remain stuck in neutral. It is solutions and innovations like those being driven by Previse and Mastercard, that will help businesses support their suppliers and liberate them from inefficient processes,” stresses James Anderson, Executive Vice President of Mastercard’s Global Commercial products division.
