TRIVER aimed to revolutionise the SME lending process by underwriting the risk of small business borrowing quickly and easily, providing advances on business invoices at any time.

To achieve this goal, it deployed a range of Experian data solutions to offer an end-to-end automated application and approval journey, which could be completed in as little as six minutes.

SMEs faced numerous challenges when accessing borrowing, including lengthy application processes, the requirement for significant paperwork, and often a substantial wait between loan approval and the receipt of funds.

Eduardo Castro, Managing Director, Business Information, Experian UK&I, said: “SME business lending is a vital component to the success of the economy but latest figures shows that gross lending fell by more than a fifth in 2023.

“By using Experian data and solutions, we are helping TRIVER support their customers in a way that was previously not possible, deploying technology to make a real and tangible difference to 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 utilises the latest digital solutions and data. We knew Experian could provide the expansive data sources to support a fully automated solution.

“It is a real gamechanger, and empowers us to make smarter and more accurate decisions in the approval process. All we need to ask of businesses is their name and which of the directors is applying for funding, and we can approve applications in just a few minutes. It is a vital tool for us to go live and to identify those small businesses we can support.”

Solutions TRIVER will be using include Commercial Delphi Generation 6 – Experian’s newest commercial credit risk score used to calculate the viability of businesses over a 12-month period - Commercial Credit Bureau data, the market-leading source of information on British businesses and their financial health and Know Your Customer (KYC) products.