5 million of small businesses in the UK generate £1T of B2B turnover every year. Unfortunately, with 55 days of average payment terms, UK SMEs continually endure £150B of capital shortage due to unpaid invoices. Cash flow challenges constrain economic growth and are responsible for many business failures – impacting people’s lives and the broader society. In today’s world, this problem can be solved using latest technology and data sharing - and that's our plan.
Tell me about the business - what it is, what it aims to achieve, who you work with, how you reach customers and so on?
We are a fintech platform that helps small businesses access capital instantly, in a click. Our API-first infrastructure allows our partners to embed the solution into their technology and offer working capital finance to their SME clients at the point of need, 24/7, automatically.
How has the business evolved since its launch? When was this?
We have raised £7M of capital from a group of VCs in Q4 last year and since then focused on building the product. We are aiming to go live with a prototype in the UK in Q2 this year.
Tell us about the working culture at Triver
We define our culture as 'Low Ego, High Bar'. We are an experienced team of fast-paced entrepreneurs on a mission to solve a huge societal problem and we push radical innovation to achieve this. We don't take 'impossible' as an answer. We are unstoppable.
How are you funded?
Mostly through VCs - Stride VC, Motive Partners and Axeleo Capital our main investors - with some angels who are experts in financial services also helping us.
What has been your biggest challenge so far and how have you overcome this?
Raising capital in Q4 last year was hard as the timing was not ideal. I had to sharpen my pitch and expectations and be very patient and perseverant. I finally worked and I have learnt a lot through this tough process.
How does Triver answer an unmet need?
We are using advanced AI models to automate credit decisions and enable to simplify and accelerate the way small businesses can access capital - a key issue for the real economy
What’s in store for the future?
We are starting in the UK with receivable finance. In the future we would like to expand geographically as well as expand our product set into other services for small businesses.
What one piece of advice would you give other founders or future founders?
Identify a real problem you are passionate about solving and do it relentlessly with people who share your vision.
And finally, a more personal question! What’s your daily routine and the rules you’re living by at the moment?
I try to keep a balanced life - quality time with my family, sports several times a week, yoga, enough sleep... This adventure is a long game and I want to make it is sustainable for me and for the people I love.
Jerome Le Luel is the Founder and CEO of Triver.
