Payment services firm Mastercard co-led an $11m funding round for UK-based invoice clearing software developer Previse yesterday.
The round was co-led by Reefknot Investments, a partnership between logistics firm Kuehne + Nagel and Singaporean government-owned fund Temasek, and included Bessemer Venture Partners (BVP), Hambro Perks and Augmentum Fintech.
Previse has built an artificial intelligence-driven software platform called InstantPay that can automatically inspect large quantities of enterprise invoices so valid claims are paid instantly, while selecting uncertain cases for manual assessment.
The funding will support the distribution of the product to businesses looking to promptly remit suppliers. Mastercard selected Previse for its Start Path accelerator and has begun introducing InstantPay to its clients.
Hambro Perks led a $2.5m seed round for Previse that included Founders Factory and assorted angel investors in 2017, the same year it was chosen for the accelerator partnership formed by Founders Factory and insurer Aviva.
The company then raised $7m in a mid-2018 series A round led by Augmentum Fintech and backed by BVP, Hambro Perks and undisclosed angel investors.