Leveraging Open Banking data and AI technology, Soldo, the spend management fintech, and cash flow financing provider TRIVER have partnered in a bid to tackle the cashflow challenge many UK SMEs are facing.

TRIVER aims to fund SMEs’ faster and more easily than high street banks. Access to capital is crucial for businesses looking to survive the current economic instability, it alleviates the cashflow problems caused by unpaid invoices with a very simple, flexible, and convenient cashflow financing product.

Carlo Gualandri, CEO and Founder of Soldo said: “We built Soldo because the status quo of managing business spend is broken and restrictive to growth. We continue to expand the capabilities of our platform to meet the needs of medium and large enterprises, as well as finding innovative ways to support SMEs. TRIVER mirrors our ambition for this segment and has developed a very compelling proposition, making this partnership a perfect fit.”

With TRIVER, Soldo’s SMEs customers will be able to access financing equivalent to up to 20% of their annual turnover.

TRIVER was created in 2023 and is led by CEO and founder Jerome Le Luel, former Chief Risk Officer at Funding Circle and Global Head of Risk Analytics at Barclays. The fintech gives customers instant access to capital by advancing their invoices, up to £100,000 for each invoice and for a maximum of 120 days. The onboarding process is digital and hassle-free, customers are charged only one simple fee for what they use.

Commenting on the partnership Jerome Le Luel said: “Five million small businesses in the UK generate billions of B2B turnover every year. That’s a huge amount of money. It’s also a sum, especially in the current climate, the economy cannot afford to lose out on due to poor access to capital.

“To ensure SME business continuity, short-term financing solutions are vital – which is why we’re delighted to partner with Soldo to roll out a new way to access credit to more entrepreneurs across the country.”

One such joint customer is Sahil Verma, CEO and Founder of Cookaway, a world food platform that allows consumers to access exciting world menus to cook at home.

Mr. Verma has opened an account with TRIVER seamlessly and has been utilising it smoothly, commented   “We’ve been looking to use debt as a funding instrument, and I’ve reviewed several debt-based options in the market over the past few months ranging from business loans to revenue/inventory financing and invoice discounting. When we received the introduction to TRIVER from a trusted company like Soldo, I was intrigued and decided to try. I think TRIVER’s done a fantastic job in the way they onboard a customer, how they very quickly make a decision, set up a credit limit and allow the customer to start accessing the funds straight away. The process exceeded my expectations.”