London and Glasgow-based FinTech firm Previse has raised $11m in new funding.

The firm – which uses AI and data science to enable faster payments for businesses, is focused on helping suppliers improve cash flow.

This latest round of funding will be used to power its growth, as the business rolls out its instant payment technology, InstantPay, to more large corporate buyers.

Its technology analyses invoices to identify the small number that are unlikely to be approved, allowing the remaining to be processed and authorised instantly.

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The round was led by Reefknot Investments and Mastercard and included existing investors Hambro Perks, Bessemer Venture Partners and Augmentum Fintech, which previously invested £2m in Previse as part of a £5.3 million Series A financing.

Founded in 2016, the firm processes around 100,000 invoices a day. Its aim is to pay at least five million suppliers within the next five years.

Previse co-founder and CEO Paul Christensen said preserving cash flow and supply chains was a particular focus during the coronavirus pandemic.

“Now, more than ever, it is important to increase the resilience of supply chains and support SMEs that economies across the world depend on,” said Previse co-founder and CEO Paul Christensen in a statement.

“The best way to do this is for large corporates to pay invoices fast. We give corporates the tools and incentives to do that, at our risk and with third party (bank) capital.”