Fintech
TRIVER and Experian join forces to increase lending to small and medium-sized businesses
Businesses looking for short-term capital can access financing quickly thanks to a new partnership between Hesperian and alternative lender, TRIVER.
TRIVER aims to revolutionize the SME lending process by underwriting the risk of small business loans quickly and easily, providing advances on business invoices at any time. To achieve this, it has now implemented a suite of Experian data solutions to deliver an end-to-end automated request and approval journey that can take as long as six minutes.
SMEs face a number of challenges when it comes to accessing loans, including lengthy application processes, the need to submit important paperwork and often a substantial wait between loan approval and receiving funds.
Eduardo Castro, managing director of Experian UK&I’s Business Information division, said: “Lending to SMEs is a vital component to the success of the economy, but the latest data shows that gross lending fell by more than a fifth in 2023.
“By using Experian data and solutions, we are helping TRIVER support its customers in a way that wasn’t possible before, deploying technology to make a real, tangible difference for businesses across the country.”
Jenny Holt, Chief Risk Officer, TRIVER, said: “As a new fintech we have the opportunity to build a solution from scratch that fully utilizes the latest digital solutions and data. We knew Experian could provide extensive data sources to support a fully automated solution.
“It’s a real game changer and allows us to make smarter and more accurate decisions in the approval process. All we need to ask businesses is their name and which of the directors is requesting the funding, and we can approve requests in minutes. It’s a vital tool for us to get up and running and identify small businesses we can support.”
The solutions TRIVER will use include Commercial Delphi Generation 6 – Experian’s latest commercial credit risk score used to calculate the profitability of businesses over a 12-month period – Data from the Commercial Credit Bureau, the market-leading information source on British businesses and their financial health and Know Your Customer (KYC) products.