UK-based fintech company Previse has secured a funding of $18m in the first phase of its Series B funding round.

The round was led by Chinese conglomerate Tencent with participation from Previse’s existing investors such as Augmentum Fintech and Reefknot.

Previse will use the proceeds to accelerate the expansion of its ‘data-driven’ working capital finance solutions aimed at small and medium-sized enterprises (SMEs).

The fintech said it has already onboarded new partners, added new solutions and increased its geographic coverage in 2022. 

Every year, trade worth more than $24 trillion is carried out between 20 million SMEs and leading 5,000 corporate buyers across the globe, Previse said.

The need for working capital finance to support this trade is enormous, it noted.

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Previse uses artificial intelligence-powered analytics tools to mine B2B network data, which is then used to predict future revenue and price risks.

Its solutions give SMEs access to ‘cost-effective’ working capital embedded in the existing B2B platforms, which are used by businesses to transact.

Previse believes it is uniquely positioned to capitalise on the demand for technology.

Previse co-founder and CEO Paul Christensen said: “We are delighted to have completed this first phase of our Series B round, which will allow us to accelerate the adoption of our working capital finance solutions. To have Tencent lead our round is a great endorsement of our model and the opportunity we are addressing.”