London fintech, Previse, expands in Scotland with £800,000 of investment
The B2B payment company's first Scottish base will be supported by an R&D grant from Scottish Enterprise.
Another London-based company is joining Scotland's growing fintech sector with Previse establishing a base in Glasgow.
The B2B payment decisions startup will use the new office to launch its first instant payments programme with a number of multinational buyers.
Supported by £800,000 R&D funding from our partners, Scottish Enterprise, the Previse development centre will create 37 new data science jobs.
David Brown, Previse's co-founder and chief product officer, said:
"Glasgow has become a thriving center of UK financial technology, making it an ideal place for us. We are looking forward to further strengthening our ties to the Scottish business community as well as Scottish academia, through our work with The Data Lab and support from Scottish Enterprise. This will allow us to take full advantage of the power of artificial technology to tackle late payments once and for all."
Tackling late payments
Previse's technology is designed to tackle the problem of late payments for the supply chain, a growing challenge for Britain's small businesses. Figures show that late payments force 50,000 small businesses to close every year.
The technology uses artificial intelligence to allow large businesses to pay 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 small and medium-sized enterprise (SME) suppliers instantly.
"Late invoice payments is a global problem and I am very proud that Scotland is taking a leading role in solving it. Failing to pay on time for the goods and services is not only morally wrong, it makes no commercial sense.
"It drives up the cost of business for SME suppliers which, in the end, will feed through into purchasing costs for buyers. After all, there is no such thing as free money."
Fintech in Scotland
Scotland's long history as a leading centre for financial services is well known. Today that experience and heritage is helping fuel the growth of the fintech sector.
Our expanding tech ecosystem includes companies like Skyscanner, FanDuel, Amazon, SKY and IBM. They are now being joined by ambitious fintech startups like Nucleus Financial, FreeAgent, Money Dashboard and Lending Crowd.
And, with 2016 proving a record year for inward investment in Scotland, more and more companies like Previse are choosing to expand in Scotland.
Our supportive business environment means that we're here to help companies set up in Scotland every step of the way.
That can include R&D funding like Previse received, or help to access the partners, suppliers and customers you need to grow your fintech business.
Ready to join Previse in Scotland?
With talent, support and a commitment to growing the fintech sector ready and waiting for your company in Scotland, there's never been a better time to join our fintech revolution.
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