Measure twice. Cut once.
These are wise words for when building something strong and reliable. And they weren't lost on ambitious London fintech, Previse, when broadening its business in Scotland. The country was simply made to measure for the B2B payment decisions startup. It didn't have to measure twice.
Why? Glasgow offered the B2B payment decisions startup all the right credentials to launch its niche instant payments programme with a number of multinational buyers.
Supported by £800,000 research and development (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 centre of UK financial technology, making it an ideal place for us.
"We're further strengthening our ties with 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."
Helping to save 50,000 businesses a year
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.
David continued, "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."
A fintech that's made to measure 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 LendingCrowd.
And, with recent years proving a record for inward investment in Scotland, more and more companies like Previse are choosing to expand in here.
Scotland's 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.
Want to find out how we can help grow your fintech in Scotland?
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