Under the alliance, TRIVER will utilise Experian’s data solutions for an automated application and approval. Credit: rafapress/Shutterstock.

UK-based alternative lender TRIVER has partnered with Experian to enhance access to finance for small and medium-sized enterprises (SMEs) 

This alliance aims to transform the SME lending landscape by offering expedited advances on business invoices, leveraging Experian’s data solutions for an automated application and approval process. 

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Under the alliance, TRIVER will utilise Experian’s Commercial Delphi Generation 6 credit risk score and Commercial Credit Bureau data solutions, to assess the financial health of businesses.  

This integration is expected to reduce the application time to as little as six minutes. 

SMEs often grapple with cumbersome borrowing processes that involve extensive paperwork and prolonged waiting periods for loan approvals and fund disbursement.  

TRIVER’s use of Experian’s data solutions, including KYC products, is designed to mitigate these challenges. 

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TRIVER chief risk officer Jenny Holt said: “As a new fintech we have the opportunity to build a solution from scratch that fully utilises the latest digital solutions and data. 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.” 

Experian UK&I managing director of business information Eduardo Castro 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.” 

The collaboration between TRIVER and Experian comes amidst growing concerns regarding the obstacles SMEs face in securing finance.  

The UK Treasury Committee’s inquiry has highlighted issues such as unfair banking practices and overly strict financial regulations that are impeding SME growth and innovation. 

According to the inquiry’s findings, there is a noticeable decline in SME confidence and acceptance rates for business credit, as well as an increase in de-banking.