Data science startup Previse has made $11 million in funding round led by Reefknot Investments and Mastercard, with participation from existing investors Bessemer Venture Partners, Hambro Perks and Augmentum Fintech.

The money will support continued growth, as the business rolls out its instant payment technology, InstantPay, to more large corporate buyers all over the world.

Previse’s artificial intelligence technology analyses the data of corporate buyers to detect the very few invoices that need manual intervention, so that the rest are paid instantly. Payment of invoices by traditional methods often takes months, something which is disproportionately damaging to small business suppliers as it reduces their cash flow and limits opportunities for investment and growth.

Previse was part of Mastercard’s Start Path programme, and Mastercard has used InstantPay with a select group of its own suppliers as part of an ongoing effort to make business-to-business commerce more efficient and sustainable.

Paul Christensen, co-founder and chief executive at Previse, said: “This backing and investment from our new partners will support Previse as our instant payment technology, InstantPay, moves to adoption by more large corporate buyers all over the world.

"Now, more than ever, it is important to increase the resilience of supply chains and support SMEs that economies across the world depend on - Previse is on a mission to get five million suppliers paid instantly, within the next five years, and this funding will help us achieve this goal."

Marc Dragon, managing director at Reefknot, said: “Previse has identified and is addressing a huge problem which affects businesses all over the world, with a solution which is a win-win for suppliers and buyers."

James Anderson, executive vice president for global commercial products at Mastercard, added: “The business world has accelerated, but the payments that enable it remain stuck in neutral, so effort needs to be applied to more strategic work and back-offices need tools to help streamline operations.

"It is solutions and innovations like those being driven by Previse and Mastercard, through banks to their corporate customers, that will help businesses support their suppliers, and liberate them from inefficient processes.”

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