SME lender Triver inks £20m debt facility from Avellinia Capital
SME working capital provider Triver has secured a £20m debt facility from Luxembourg-based private credit investor Avellinia Capital.
Triver – which uses open banking and AI to speed up credit decisioning – said the deal would enable it to channel £200m in finance annually to UK SMEs and invest in product development.
Its chief executive and founder Jerome Le Luel (pictured) was formerly chief risk officer at Funding Circle and former global head of risk analytics for Barclays.
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“In the current economic climate, we see significant demand from SMEs to access short-term cash flow financing as payment terms extend and banks tighten access to credit,” said Le Luel.
“Thanks to continuous access to Open Banking data, we are confident we can manage the credit risk of our customers over the short horizon of their invoices.”
The facility follows a £7m equity raise in April 2023, involving Andreessen Horowitz, Stride VC, Axeleo Capital, Motive Partners and Sequoia Capital.
Triver then launched its first prototype in May and opened up to paying customers in August.
It has already advanced invoices with a combined value of more than £1m. The average invoice size is £12,000 and the average duration of funding is 30 days.
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Avellinia Capital specialises in providing asset-based financing solutions for early stage, specialty finance originators across consumer and SME lending, leasing and other forms of financing.
It offers investors a diversified private credit investment strategy targeting an attractive income return.
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“We are proud to support Triver in its journey to become a significant funding provider to UK SMEs,” said Christoph Pfundstein, partner at Avellinia Capital.
“Triver has by now a proven model that is set to transform the SME finance market in terms of user experience, decisioning speed, and attractive pricing. Credit provided by banks is slow to be approved and typically costs between two per cent and four per cent for a 30-day term versus 1.8 per cent offered by Triver. There is enormous potential.”