Start-up secures £800K Scottish Enterprise R&D funding to tackle late payments

B2B payment decisions start-up Previse, has secured a £800k R&D grant from Scottish Enterprise, to set up an new development centre in Glasgow, creating 37 new data science jobs.

This will be the London-based company’s first office in Scotland, from where it plans to start rolling out its first instant-payments programme with a number of blue chip multinational buyers.

Welcoming the announcement Scottish Government Minister for Business, Innovation and Energy Paul Wheelhouse said: “Scotland is a world renowned centre for expertise in data science and digital technologies and I am delighted to welcome Previse to our thriving financial technology community.

“The Scottish Government are supporting business innovation by providing an additional £15m a year for research and development, which will aim to help lever in further business expenditure on research and development that will stimulate further economic and employment growth, and develop leading edge expertise.”

Artificial intelligence

Previse’s technology uses artificial intelligence to enable large businesses to pay their 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 SME suppliers instantly.

Previse’s technology aims to tackle the problem of late payment for the supply chain, which has been identified as a growing challenge for Britain’s small businesses. With a reported 60% experiencing the problem, figures from the FSB show that late payments force 50,000 UK businesses to close every year.

Scottish Enterprise, and Scotland’s international arm, Scottish Development International, have worked closely with the company to support its move into Glasgow.

Previse is committed to engaging with Scotland’s academic community to support Scotland’s growing technology sector and create high-quality jobs in data science and AI.

Through its partnership with The Data Lab, Scotland’s Data Science innovation centre, Previse is tapping into some of Scotland’s top data science academics for two projects to further develop its data analytics technology later in the year.

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