Fintech firm Previse has raised $11m in a funding round led by Mastercard and Reefknot Investments.
Reefknot Investments is a venture capital firm co-owned by Singapore’s Temasek and Swiss firm Kuehne + Nagel.
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The funding round was also joined by the company’s existing investors Bessemer Venture Partners, Hambro Perks, and Augmentum Fintech.
The latest funding round brings the total amount raised by the company to more than $21.8m so far.
The company will use the funding to expand its instant payment technology offering dubbed ‘InstantPay’ to more corporate buyers globally.
Previse co-founder and CEO Paul Christensen said: “This backing and investment from our new partners will support Previse as our instant payment technology, InstantPay, moves to adoption by more large corporate buyers all over the world.
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By GlobalData“Previse is on a mission to get five million suppliers paid instantly, within the next five years, and this funding will help us achieve this goal.”
Previse is also taking part in Mastercard’s Start Path programme and the card issuer has already used InstantPay with a select group of its own suppliers.
Mastercard global commercial products EVP James Anderson said: “It is solutions and innovations like those being driven by Previse and Mastercard, through banks to their corporate customers, that will help businesses support their suppliers, and liberate them from inefficient processes.”
