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Previse scoops up two awards, in two cities, in one day

Previse scooped up two awards in two cities yesterday as it won the ‘Best use of data and analytics in financial services’ award at the FStech Awards 2019 in London and the ‘Best small employer’ award at the Family Friendly Working Scotland (FFWS) Top Employers Awards 2019 in Glasgow.

Previse was recognised by the FStech judging panel for its unique application of artificial intelligence (AI) technology to get suppliers paid instantly. The fintech overcame tough competition, seeing off banking giants such as HSBC, Morgan Stanley and Credit Suisse.

Previse’s AI technology analyses its clients’ ERP data to predict the few invoices which are unlikely to get paid. The rest can then be paid instantly by a funder, such as a bank. The buyer then pays the funder back on its normal payment terms.

From its inception, Previse has recognised the global scale of the slow payments issue that it aims to solve and so has built its technology to cover the earth. The company’s AI technology can analyse huge amounts of data for each client, each of which has global supply chains, hundreds of suppliers and use multiple currencies. It has huge growth potential and will help unlock $650 billion tied up in slow payments globally.

Previse have already analysed over $150 billion of spend generated from three million suppliers and their algorithms are constantly improving their accuracy as they analyse more data.

Now in their 19th year, the FStech Awards recognise excellence and innovation in the field of information technology within the UK and EMEA financial services sector. Judges included senior personnel from Deutsche Bank, KPMG, EY and Nationwide Building Society.

Upon receiving the FStech award, Previse’s co-founder and CEO, Paul Christensen, commented:

“When Previse’s founders gathered in a tiny room in London, just under three years ago, we recognised that the smart use of data and analytics can eradicate the global problem of slow supplier payments. Our capabilities in these areas are core to the business and we now have offices in London, Glasgow, Edinburgh, Germany, Vietnam and the US, which house some of the world’s leading machine learning PhDs.”

“Winning this award ahead of some huge institutions that have been around for decades is a proud moment for our company. We have signed up eight multinational clients and have partnered with organisations such as PwC, Oracle & RBS-NatWest and are tackling the problem head on.”

“Previse’s mission is to ensure that every supplier in the world can be paid instantly and at the fairest rate. With rapid progress and the enthusiastic participation of some of the world’s largest buyers, we are well on the way to achieving it.”

The FFWS Top Employer Awards, which are now in their fifth year, celebrate forward-thinking employers who understand how flexibility is good for people – helping them successfully balance work and home life – as well as for business growth.

The winners were announced to an audience of 150 Scottish business leaders at a spring-themed Brewery Bash at WEST Brewery in Glasgow yesterday afternoon.

Mosaic Smart Data & Previse named in Europe’s 50 Hottest Fintechs

Last week, Fintech City unveiled the sixth annual list of Europe’s top fintech50 companies. The list is selected by a panel of internationally renowned figures across finance and technology from a long-list of 1,800 companies. We were very proud to see Mosaic Smart Data and Previse added to the list this year for the first time.

Drawn from both B2C fintechs and those aimed at the institutional market, the list includes a wide range of business models and technologies.

Mosaic Smart Data and Previse lead a strong contingent of data analytics and machine learning companies. Both companies have had huge success targeting these technologies at specific, previously unsolvable, business problems.

In the case of Mosaic, it is enabling institutions to, for the first time, see their fixed income, currencies and commodities business in real-time. It uses advanced analytics to enable sales teams to generate useable insights to boost their performance and improve client servicing. In the last twelve months, Mosaic announced its first client, secured funding and expanded its team.

Previse is using machine learning to enable large businesses to have their suppliers paid instantly. It has made it onto the list in just its second year of business after securing funding from the Scottish Government and welcoming senior business figures such as John Gildersleeve and David Tyler to its advisory board.

As well as analytics companies like Mosaic Smart Data and Previse, a big trend in the 2018 list are blockchain companies. The list includes businesses applying the technology to a range of fields, from wholesale payments settlement to digital identity and cybersecurity.

Data analytics and blockchain are moving beyond theory and are now actively transforming global finance. It is, therefore, no surprise that these technologies feature strongly in this list of the most exciting financial technology companies.

We are proud to be working with some of the companies in the vanguard of these changes, both in Europe and the United States.