Startup spotlight: Previse, allowing suppliers to get paid instantly
As we continue our series of flash interviews on startups to watch in 2020, we speak to Paul Christensen, the co-founder and CEO of Previse.
Hi Paul. Could you tell me a little bit about Previse?
Previse gets suppliers paid, instantly. It uses machine learning to detect the very few invoices that are unlikely to get paid so that we can pay the rest instantly.
Previse works with large corporate buyers to help them pay their suppliers of all sizes instantly, as soon as an invoice is received. It uses machine learning which has analysed over £150bn of invoice spend stored in clients’ enterprise resource planning systems. This analysis enables our smart tech to ‘score’ invoices. The vast majority of invoices will meet the score threshold and be paid by a third-party funder, while the rest will be paid on their normal terms.
Responsible companies want to be able to pay their suppliers within a reasonable amount of time, but the sheer volume of invoices and process required makes this practically impossible. So, it is a perfect opportunity for machine learning.
Previse’s automation speeds this process up significantly, while our funding partners allow invoices to be paid instantly without impacting buyers’ cashflow, allowing companies to get suppliers paid faster without disruption.
How is Previse creating solutions to industry challenges?
Previse offers a completely unique solution to tackle one of businesses’ most persistent challenges.
The majority of SME suppliers simply don’t have an economical way to get paid faster.
Traditional Supply Chain Finance (SCF) programmes only cover the largest 1% of suppliers, leaving the other 99% vulnerable to slow payments. Smaller businesses are ruled out by heavy onboarding costs. Previse’s onboarding process is easy for both suppliers and buyers, meaning that is offers a viable option for businesses of all sizes.
Previse’s predictive algorithms do not need to wait for invoice approval before paying the buyer as the ‘score’ given serves this function, reducing payment times by weeks or sometimes months.
This is a win-win for buyers and suppliers as suppliers get paid instantly without negatively impacting buyers’ cash-flow.
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What was your last major milestone?
In October, Mastercard selected Previse to join its StartPath programme – Mastercard’s fintech incubator. This six-month programme will allow Previse to further develop its technology and will connect it with the global support base of Mastercard’s ecosystem.
Previse’s place on the programme is part of the company’s rapid growth since its inception in 2017 and will increase access to its offering for a wide portfolio of banks and merchants.
Whats the plan for Previse in 2020?
In 2020, we’re continuing to roll out Instant Pay to more buyers and getting more of our current customers’ suppliers on board.
Slow payments are a global challenge and, as the only provider of instant invoice payments currently in the market, there is a big opportunity for us to grow fast and grow globally. Ultimately, our goal is to make the slow payment of invoices a thing of the past and the whole company is completely focused around how to make that happen as quickly as possible.
About Paul Christensen
Paul Christensen is the co-founder and CEO of Previse. He is an experienced fintech entrepreneur. He was previously Managing Director and Global Co-head of Goldman Sachs' Principal Strategic Investments team. He has been responsible for conceiving and executing a series of the industry's leading fintech ventures. Paul was recently appointed to Innovate Finance and City of London Corporation’s FinTech Strategy Group which aims to drive the success of the world-leading UK fintech sector.
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NetNumber: Time for a cloud-native transformation
NetNumber is accelerating the transition in the telecom industry to 5G as it starts a shift to cloud-native architecture to address the fast-paced demands of global subscribers and businesses.
NetNumber is offering the industry’s first cloud-native platform designed to ensure InterGENerational™ network performance addresses both the legacy and next-generation requirements of telecom networks.
“NetNumber has developed the industry’s most robust cloud-native, InterGENerational platform that addresses both the legacy and 5G requirements of telcos,” said Matt Rosenberg, Chief Revenue Officer of NetNumber.
The platform provides vertical and horizontal scale-out with low latency, coupled with a suite of data replication capabilities, which provide flexible architectural options that can evolve with the changing network over time.
“Cloud-based solutions from other vendors tend to be limited in terms of supporting particular network generations or protocols. We’ve created our latest platform TITAN.IUM to allow customers to take any generation of applications, any generation of legacy services and protocols and move them into the new world of cloud-native architecture,” said Rosenberg.
“This is a really important part for a carrier to harmonise their network, bring data services together, bring legacy with new together in order to make a more effective and efficient network, as well as reduce their cost as they scale forward,” he said.
Established in 1999, NetNumber has fostered a strong team environment that leverages the industry’s best skills to offer software solutions tailored for carriers of all dimensions. Based outside of Boston and with presence in over 20 countries, the company delivers a range of products that address all generations (2G, 3G, 4G, 5G) of network functions in the core network, deep rooted security products and services, STIR/ SHAKEN and set of options around data services in more than 90 countries.
Steeped in experience in building telecom solutions, software, protocol stacks, and integration of third party tools, the company’s development organisation has proven to supply to the industry with the most reliable and flexible solutions on the market.
“At NetNumber, we focus on our core competencies – we are dedicated to providing industry expertise in signaling, routing, security, subscriber management and data services. We provide customers a strong ROI through platform-based solutions that reduce Capex and Opex in the long-term,” commented Rosenberg.
Five reasons why customers choose NetNumber:
- Expertise - NetNumber has experts with deep knowledge in signaling/routing, security, and subscriber database management.
- Integration - An industry-first platform brings together domain services, applications, security, and global data services.
- Scale - NetNumber has the ability to seamlessly increase network efficiency using vertical and horizontal scaling.
- Speed - World-class solutions have the power to help companies create new service offerings and accelerate time to ROI.
- Savings - Customers enjoy significant savings in capex and opex, flexible deployment models, and investment protection.
NetNumber and Virgin Mobile MEA
“We're very proud of our partnership with Virgin Mobile MEA as they've taken the concept of the InterGENerational platform into their regional network strategy,” commented Rosenberg. “That’s accelerated how they develop exceptional services across the Middle East and Africa region.
“We work with them hand-in-hand to deliver multiple applications onto our platform which has enabled them to provide exceptional, advanced and innovative services to their customers across the Middle East, who demand high quality services.
“What they've really taken advantage of is scale. What I mean by that is they are putting multiple generations of applications and services onto the same platform and distributing that data across their network. That has resulted in an advantageous position of time to market and operational savings.
“Rather than having different applications for many different vendors that cause operational chaos, they've been able to consolidate that and reduce their operating costs by having everything on one common architecture. We’ve had a long-term relationship with Virgin Mobile in Saudi Arabia, and recently signed an agreement with Virgin Mobile in Kuwait.”
Rosenberg says that with these solutions, Virgin Mobile MEA can take advantage of getting to the market much quicker and faster—which is what today’s discerning customer demands.