This will be the London-based company’s first office in Scotland, from where it plans to start rolling out its first instant-payments programme with a number of blue chip multinational buyers.
Welcoming the announcement Scottish Government Minister for Business, Innovation and Energy Paul Wheelhouse said:
“Scotland is a world renowned centre for expertise in data science and digital technologies and I am delighted to welcome Previse to our thriving financial technology community.
“The Scottish Government are supporting business innovation by providing an additional £15 million a year for research and development, which will aim to help lever in further business expenditure on research and development that will stimulate further economic and employment growth, and develop leading edge expertise.”
Previse’s technology uses artificial intelligence to enable large businesses to pay their suppliers the day they receive an invoice. Using hundreds of millions of data points, it creates an independent score of a multinational buyer’s likelihood to pay an invoice. The technology uses this to make a decision about which invoices will be paid, so funding can be extended to SME suppliers instantly.
Previse’s technology aims to tackle the problem of late payment for the supply chain, which has been identified as a growing challenge for Britain’s small businesses. With a reported 60 per cent experiencing the problem, figures show that late payments force 50,000 UK businesses to close every year.1