“The whole concept of slow payments is a huge global issue,” explains Paul Christensen, the Co-founder and CEO of Previse. “Slow payments are a global challenge with massive human and social costs. Using smart technology, we are proud of being the first company able to provide an effective solution. Therefore, it is a huge global opportunity that no-one has cracked yet. Given the problem is so big, why has no-one cracked it yet? Everyone has tried to solve the problem using process, and changing process at large organizations is really hard. Previse is unique because instead of using process, we use data.”
Despite the firm only being founded in 2016, Previse secured $7 million worth of funding this week from investors including Augmentum Fintech and American venture capital firm Bessemer Venture Partners. Christensen has said that Previse is currently in conversation with 100 companies keen to adopt his software, while eight have already signed up – based in the United Kingdom, Australia and the United States. These include major retail and grocery firms in the UK as well as firms from the financial industry.