The ScaleUp Ecosystem is a non-residential program designed for young companies to enable hyper-growth and scale. Oracle’s support will help Previse as it rapidly expands its global client base. Oracle will provide engagement opportunities with its 430,000 enterprise customers, mentorship and operational assistance.
Previse enables businesses to have all their suppliers paid instantly, as soon as the buyer receives an invoice. It uses machine learning technology to root out the invoices which won’t be paid, allowing a funder to pay the rest immediately. Suppliers pay a small fee (typically 1% per month) for instant payment which is shared between buyer, funder and Previse.
We have a very ambitious mission: to ensure every supplier can be paid instantly and at the fairest rate. We want to completely reshape global B2B commerce to cut out the inefficiencies of payment terms, unlocking $650 billion every year. We’ve built the technology to do it and now we are looking to partner with the best organisations to help scale Previse and bring InstantPay to the world.
That’s why we have chosen to work with Oracle. Oracle has unparalleled scale, experience and expertise when it comes to delivering technology to global enterprises. I think the ScaleUp Ecosystem is just the beginning of a long and fruitful partnership for both Previse and Oracle.
David Brown, Head of Innovation at Previse, said:
Previse gets suppliers paid, instantly. Its smart tech analyses the data of a large buyer to predict the very few invoices that are unlikely to get paid so that the rest can be paid instantly.
Previse was founded in 2016 by a team of world-class experts in trade finance, artificial intelligence and enterprise technology. It counts Augmentum, Bessemer Venture Partners, Hambro Perks, John Gildersleeve and Scottish Enterprise among its financial backers.
With 430,000 customers in 175 countries, Oracle offers complete SaaS application suites for ERP, HCM and CX, plus best-in-class database Platform as a Service (PaaS) and Infrastructure as a Service (IaaS) from data centers throughout the Americas, Europe and Asia. For more information about Oracle (NYSE:ORCL), please visit us at oracle.com.
