Startup spotlight: Previse, allowing suppliers to get paid instantly
As we continue our series of flash interviews on startups to watch in 2020, we speak to Paul Christensen, the co-founder and CEO of Previse.
Hi Paul. Could you tell me a little bit about Previse?
Previse gets suppliers paid, instantly. It uses machine learning to detect the very few invoices that are unlikely to get paid so that we can pay the rest instantly.
Previse works with large corporate buyers to help them pay their suppliers of all sizes instantly, as soon as an invoice is received. It uses machine learning which has analysed over £150bn of invoice spend stored in clients’ enterprise resource planning systems. This analysis enables our smart tech to ‘score’ invoices. The vast majority of invoices will meet the score threshold and be paid by a third-party funder, while the rest will be paid on their normal terms.
Responsible companies want to be able to pay their suppliers within a reasonable amount of time, but the sheer volume of invoices and process required makes this practically impossible. So, it is a perfect opportunity for machine learning.
Previse’s automation speeds this process up significantly, while our funding partners allow invoices to be paid instantly without impacting buyers’ cashflow, allowing companies to get suppliers paid faster without disruption.
How is Previse creating solutions to industry challenges?
Previse offers a completely unique solution to tackle one of businesses’ most persistent challenges.
The majority of SME suppliers simply don’t have an economical way to get paid faster.
Traditional Supply Chain Finance (SCF) programmes only cover the largest 1% of suppliers, leaving the other 99% vulnerable to slow payments. Smaller businesses are ruled out by heavy onboarding costs. Previse’s onboarding process is easy for both suppliers and buyers, meaning that is offers a viable option for businesses of all sizes.
Previse’s predictive algorithms do not need to wait for invoice approval before paying the buyer as the ‘score’ given serves this function, reducing payment times by weeks or sometimes months.
This is a win-win for buyers and suppliers as suppliers get paid instantly without negatively impacting buyers’ cash-flow.
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What was your last major milestone?
In October, Mastercard selected Previse to join its StartPath programme – Mastercard’s fintech incubator. This six-month programme will allow Previse to further develop its technology and will connect it with the global support base of Mastercard’s ecosystem.
Previse’s place on the programme is part of the company’s rapid growth since its inception in 2017 and will increase access to its offering for a wide portfolio of banks and merchants.
Whats the plan for Previse in 2020?
In 2020, we’re continuing to roll out Instant Pay to more buyers and getting more of our current customers’ suppliers on board.
Slow payments are a global challenge and, as the only provider of instant invoice payments currently in the market, there is a big opportunity for us to grow fast and grow globally. Ultimately, our goal is to make the slow payment of invoices a thing of the past and the whole company is completely focused around how to make that happen as quickly as possible.
About Paul Christensen
Paul Christensen is the co-founder and CEO of Previse. He is an experienced fintech entrepreneur. He was previously Managing Director and Global Co-head of Goldman Sachs' Principal Strategic Investments team. He has been responsible for conceiving and executing a series of the industry's leading fintech ventures. Paul was recently appointed to Innovate Finance and City of London Corporation’s FinTech Strategy Group which aims to drive the success of the world-leading UK fintech sector.
For more information on all topics for FinTech, please take a look at the latest edition of FinTech magazine.
New speakers announced for Procurement & Supply Chain Live
Two leading executives in supply chain transformation have been confirmed for this year's Procurement & Supply Chain Live event.
Procurement & Supply Chain Live is the perfect opportunity to hear from prominent executives at the world’s leading procurement and supply chain businesses. The event will be streamed live from Tobacco Dock, London via the leading networking platform Brella.
The three-day show, running 28-30 September 2021, is an essential deep dive into the industry, with influential speakers sharing insights and strategies from their organisations, group roundtable discussions, and fireside chats.
We take a look at the latest additions to the already amazing lineup of speakers announced so far, and what they will bring to the flagship event.
VP Global Supply Chain at Macmillan Education Ltd
Shaun Plunkett has over 30 years of supply chain leadership experience in FMCG, entertainment and media sectors, supporting multi-billion euro businesses including Universal Music, EMI, Sony Music, Harper Collins and Associated British Foods. He has a track record of successfully delivering transformational change coupled with award winning operating models and developing and coaching global teams. Plunkett says that challenging the status quo is at the heart of what drives him on a daily basis - and encouraging others to continuously push the boundaries.
Read more about Plunkett’s involvement in Macmillan Education’s supply chain transformation HERE
Digital Transformation Lead, Oracle UK and Board Member, CILT at Macmillan Education Ltd
Vikram Singla is digital transformation director at Oracle, UK. He helps supply chain and finance business leaders leverage technology to deliver meaningful business outcomes for their organisations. He also serves on the board if CILT (Chartered Institute of Logistics and Transport) – UK and is an Honorary Visiting Fellow at Anglian Ruskin University. Singla has more than 25 years’ experience in the technology sector, and in global supply chain transformation, including deploying business transformation programmes for Fortune 500 firms. In his spare time, Singla is a passionate brand ambassador for Cancer Research.
Plunkett and Singla join a growing line-up of speakers, including: Sheri R. Hinish, IBM; Robert Copeland, G4S; Daniel Weise, BCG; Mark Bromley, Mastercard; David Loseby, Rolls Royce; and Ninian Wilson, Vodafone Procurement Company.