Chatsworth fintech client, Previse, has been awarded a £2.5m grant by the Banking Competition Remedies’ Capability and Innovation Fund (BCR).
The money will be used to fund further development of Previse’s industry leading instant payments solution. The grant was won after a competitive application process that saw £20m dispersed to 6 companies, as part of the BCR’s mission to facilitate the commercialisation of financial technology relevant to SMEs.
The award will accelerate the market adoption of Previse’s technology that improves the cashflow of SMEs who trade with large corporates and supports the delivery of a SmartData initiative, in partnership with the FSB, aimed at enhancing the availability of trading data used by the instant payment solution.
With the FSB working as a lead delivery partner, the award comes at a critical time for UK businesses. Covid-19 government support is starting to be withdrawn. At the same time the endemic culture of poor business practice around invoice payment has worsened, creating big cashflow challenges for SMEs. This is highlighted by the latest FSB study of more than 4,000 firms, which showed that the majority of small businesses (62%) have been subject to late or frozen payments in the wake of the COVID-19 outbreak.
This cripples their ability to pay their own bills, to pay staff, and ultimately to continue to trade in the current climate. Previse believes SMEs should have the option to receive instant payment, whenever they issue an invoice.
Paul Christensen, CEO of Previse said:
“With the BCR funding and collaboration with the FSB, we will be able to get more SMEs paid instantly: reducing the need to resort to other expensive forms of finance. Our top priority is getting working capital to small businesses, to provide the immediate cashflow support they need.
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