TEMASEK joint venture Reefknot Investments and Mastercard have co-led an US$11 million funding round for London-based fintech Previse, Reefknot said on Thursday.
Existing investors US-based venture capital (VC) firm Bessemer Venture Partners, UK-based VC firm Hambro Perks and fintech-focused UK fund Augmentum Fintech also participated.
The current funding round will support Previse's global roll-out of its InstantPay technology.
Previse focuses on helping suppliers to get paid quicker by corporate firms. According to Reefknot, the startup uses artificial intelligence to analyse corporate buyer data to detect invoices that need manual intervention so that the rest are paid instantly.
Previse processes over 100,000 invoices per day, Reefknot added.
The fintech startup is part of Mastercard's Start Path accelerator programme, and the global payments giant has used InstantPay with a select group of its own suppliers.
Reefknot was founded by Temasek and Kuehne + Nagel in 2019 and invests in logistics and supply chain tech startups globally.